This will probably get even uglier in the next year as more condo project get complete and more inventory builds up.
“Developers who once snapped up downtown land with almost giddy abandon have retreated amid falling prices and low demand. Of the 22 condo buildings in which developers are offering units for sale, all but three have completed construction, and 1,549 condos remain unsold.
It would take more than five years to sell that many condos if the sluggish pace of sales during the past year were to continue, according to MarketPointe Realty Advisors, which tracks the new-home market.
The reason is that the $415,000 median price of a resale condo downtown during the third quarter was down more than 38 percent from its 2004 peak of $675,000, according to MDA DataQuick. Last month, the median dropped even further, to $377,500.”
