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Old 07-23-2016, 11:09 AM
AT9
 
Location: Midwest City, Oklahoma
691 posts, read 1,043,961 times
Reputation: 503

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Lol at the idea of there being too much housing in NYC. MAYBE too many billionaire only condos, but places with such high rent costs need more housing, not less. Unfortunately local owners tend to oppose those efforts becaue they don't want their property values going down and/or don't want development in their back yards.
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Old 07-23-2016, 09:21 PM
 
6,968 posts, read 14,095,559 times
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Where did you get the idea that these cities are in a condo crisis? NYC will never have too many condos unless a plague wipes everyone out in a single day and the city needs to repopulate. LA used to be a SFH-dominated city, but that's changing REALLY QUICKLY. I can't comment on the others, but I know for sure Miami was the only city that was affected by having too many condos at one point. But that's changed again. LA and NYC will NEVER have too many residential units.
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Old 07-29-2016, 11:25 AM
 
Location: Vancouver
12,685 posts, read 8,750,439 times
Reputation: 7299
There is no condo crisis in Vancouver as far as condo's going unsold. They are all sold before the building goes up.

The only issues are that prices are increasing too fast, and that some condo's are left empty, but not as many as people like to imagine. There are no ghost neighbourhoods for example.
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Old 07-29-2016, 12:48 PM
 
Location: Windsor Ontario/Colchester Ontario
1,500 posts, read 1,352,136 times
Reputation: 1723
Quote:
Originally Posted by Bubble99 View Post
What caused the Condominium crisis in Miami, Fort Lauderdale, New York ,Chicago Toronto, Los Angeles and Vancouver?

Where they built way too many condos!! And now lot of condos are empty and others are hardly full. Where they even had to take down condos because no one was buying.

How could they that the Condominium bubble get so out of control where the supply is higher than the demand.

And what is being done about the Condominium crisis? Why did they built so many condos to not make sure there was demand to keep up with the supply.

And now condos prices are dropping.
I'm sorry, but you are truly clueless!
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Old 07-30-2016, 10:34 AM
 
Location: Milwaukee
915 posts, read 1,661,842 times
Reputation: 1549
If condo's get overbuilt, they get converted to apartments. No big deal. Young people now can't afford homes, due to unstable job security and lower incomes, so there will be a high demand for years to come.

New York needs more residential building, not less. Lack of supply is driving the price sky high. NYC needs tens of thousands of more housing units in order to meet demand and lower the price.
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Old 07-30-2016, 10:45 AM
 
Location: Pittsburgh
3,145 posts, read 2,827,316 times
Reputation: 2858
Quote:
Originally Posted by Allan Trafton View Post
If condo's get overbuilt, they get converted to apartments. No big deal. Young people now can't afford homes, due to unstable job security and lower incomes, so there will be a high demand for years to come.
It's exactly what we are seeing here but it's not just young people. Housing costs are higher than most salaries can afford. I know of several single couples who want to downsize and can't find affordable housing. The developers are building these high end large condos and townhomes that are ridiculous for most.
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Old 08-02-2016, 02:24 AM
 
553 posts, read 378,380 times
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Quote:
Originally Posted by Gantz View Post
None of the cities you listed are having a condo "crisis". They also never "took down" condos. In all these cities they can't build them fast enough, demand definitely outstrips the supply, because the prices keep going up.
May be the article is talking about the past recession of the housing bubble of 2006 and 2008 and the past recession.

But the housing market is really good now!! And the demand higher than the supply!!
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Old 08-02-2016, 03:00 AM
 
Location: Springfield, Ohio
12,201 posts, read 10,416,173 times
Reputation: 11214
Quote:
Originally Posted by Allan Trafton View Post
If condo's get overbuilt, they get converted to apartments. No big deal. Young people now can't afford homes, due to unstable job security and lower incomes, so there will be a high demand for years to come.

New York needs more residential building, not less. Lack of supply is driving the price sky high. NYC needs tens of thousands of more housing units in order to meet demand and lower the price.
Same issue in San Francisco and the Bay Area as a whole. NIMBY opposition prevented so much new housing construction for years, what is available in the Bay Area is ridiculously priced and only the financially well-off can afford it. New condos may appear initially to benefit the wealthier types, but in the end it frees up just that much more housing for everyone else.
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Old 08-02-2016, 06:18 AM
 
Location: Pittsburgh, PA (Morningside)
12,419 posts, read 11,923,391 times
Reputation: 10539
My understanding is that there really is a condo crisis in South Florida. This has nothing to do with domestic demand however. Foreigners had been buying condos - not even as part-time residences, but merely as investment properties. As the situation has changed in the global market, there really isn't the same strong international demand for these condo units, which has led to oversupply.

Again, it's really only the international investor portion of real estate which is tanking. Domestic demand is strong.
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Old 08-06-2016, 08:52 PM
 
553 posts, read 378,380 times
Reputation: 120
Quote:
Originally Posted by eschaton View Post
My understanding is that there really is a condo crisis in South Florida. This has nothing to do with domestic demand however. Foreigners had been buying condos - not even as part-time residences, but merely as investment properties. As the situation has changed in the global market, there really isn't the same strong international demand for these condo units, which has led to oversupply.

Again, it's really only the international investor portion of real estate which is tanking. Domestic demand is strong.
That is interesting so South Florida has too many condos.

The supply is higher than the demand.
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