If you missed finding the article which was a "developing story" last night, here is the link:
NYTimes Condo article
"Nationally, condominium sales have fallen further than those of single-family properties, 13.6 percent from November 2005 to the same month in 2006; free-standing homes showed a 10.7 percent decline in the same period. Inventories have risen 38.1 percent for condos and 29.6 percent for individual homes, according to the
National Association of Realtors. The national median price — half the condos sold for more and half for less — was $224,600 in November, unchanged from November 2005.
But there is no comprehensive, national source of data for new condominiums sales. The Realtors group only measures sales of existing units and the Commerce Department, which tracks sales of new single-family homes, does not collect data on condominiums."
"...the market might have reached its limit for now. As an example, he pointed to a used car lot that seemed to be a vestige of a bygone era.
“The reality is not everything can make way for condos,” Mr. Franco said. “This guy may be doing so much business that it has far more value than what a real estate sale can fetch.”
Edited by Rogerdodger, 16 January 2007 - 12:56 PM.