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Inventory overload...Which neighborhoods have the most new condos
Which neighborhoods have the most new condos to burn through — and who is going to be stuck holding the bag?
 
The Manhattan condo market is starting to feel like the beauty counter in a fancy department store — with everyone from perfume spritzers to makeup artists vying for buyers’ attention.
 
“It almost feels like you’re taking a client to the Bloomingdale’s cosmetic counter,” said Douglas Elliman broker Carol Staab, who works in the luxury space, referring to the hard sell that developers are putting on buyers.
 
Manhattan inventory has been piling up for three years now. And there’s an avalanche of more product about to hit. In 2019, the inventory of new condos alone is expected to hit a massive 7,900 units —well above the average for the past few years, which has hovered between 3,000 and 4,000 units, according to appraisal firm Miller Samuel.
 
Meanwhile, it’s taking developers and brokers longer to sell units, particularly in the uber-luxury sector.
 
And Miller Samuel is predicting that by 2019 it will take nearly 4.5 years to sell out all the new development inventory in Manhattan versus the two years that’s considered healthy.
 
“If you do the math … then clearly the years [it takes] to sell out climbs,” said company founder Jonathan Miller, ... more

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