You do not need the New Construction Manhattan blog to tell you what people do during tough economic times. You are (presumably) a person, and you have been alive over the last couple of years, and so you know full well what people do during tough economic times. They hunker down, they batten down hatches, and a bunch of other obscure/arcane phrases that basically translate to "wait it out." This is natural, and it makes a certain basic sense, but it is also, theoretically, not good news for the real estate market. And while prices have been held in place somewhat by the "apartment shortage," it hasn't been quite as simple as Econ 101 would have it.As we've noted here at the New Construction Manhattan blog a number of times, buyers have had a field day in NYC real estate of late, and successfully extracted tons of valuable concessions and sub rosa price cuts on NYC condos. Now, with the economy finally showing some tentative signs of life, The Real Deal's Candace Taylor writes that a bunch of new Manhattan apartment listings could be heading our way. What does this mean? "Their decisions could have far-reaching consequences for the Manhattan market in the coming months," Taylor writes. "Inventory has declined for the past few quarters, which has helped to create urgency in the market and prevent further price drops. But a large number of units reentering the market at once could reverse some of that progress." Again, theoretically, more condo listings would reduce prices on said condo listings. But as we've seen with the off-the-record price cuts on condos during recent months, this isn't necessarily as simple as it could be. A boomlet in demand -- due to the same nascent economic turnaround that's inspiring people to list their NYC condos for sale -- doesn't necessarily seem guaranteed from where we sit. Whatever the case, as per usual, we'll be here, watching. We're not in the prediction business. We're in the blogging business. Also the Manhattan apartment search business. Also we've been thinking about maybe getting into the hand-dipped chocolate business, because everyone loves chocolate. Anyway, we're digressing. But this is interesting news, indeed.
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Watch This Space: New Apartment Listings Hitting the Market As Economy Improves
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