“About 400 new and occupied ones are listed for sale, and more than 450 are in some stage of foreclosure and will eventually be put on the market. An additional 1,000 units that were under construction when the market soured are slated to be completed this year, adding to the glut and putting further downward pressure on prices.
So far this year, 159 new homes have been sold downtown, according to DataQuick. At that pace, it would take several years to sell all the units recently completed or being finished this year. Developers are holding units off the market.”
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let’s see, 159 sales in 6 months is almost 27 per month
we have 400 + 450 + 1000 units which means there are almost 6 years worth of condos downtown at the current rate of sales
