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From the March issue: Two years ago, the Magic 8-Ball for Williamsburg condo developers would have read, “Try Again Later.” With condo inventory peaking at almost 700 units in February 2009 (according to StreetEasy), developers and brokers in the throes of the recession were grappling with a stock of residential units roughly three times the size of early 2007′s. It wasn’t a good time to open a building. But now some brokers say the dust has settled, and inventory in the neighborhood, once the poster child for the condo glut, is actually tightening. “I’m seeing my listings shrink; I’m seeing my inventory shrink,” said David Maundrell, president of aptsandlofts.com. [more]
