The Metzger Report March 2008

Waxing gibbous, waxing poetic
Creative Commons License photo credit: rutlo

T L Metzger has released their Metzger Report for the period ending March 2008:

The completion of 2007 now establishes the base inventory of 1006 residential condos in the markets
covered in this report. Over 50% or 514 units are available for sale. While this would normally
be alarming, 459 units are new construction and many of the projects have not started construction.
The rate of new condo construction is one of the interesting developments for the Capital Region,
and a reflection that although the economy and the real estate market have slowed down in general,
the emerging condo market for this area is strong, and maybe the beginning of a trend towards both
urban living and a demographic shift, with more middle age adults seeking city living.
The absorption rate in 2007 for all urban condos was 161 units sold or under contract with the
expectation that it will be even greater in 2008 due to the variety of projects coming on line. The
definition of sold has changed, since it now includes units that have been sold, but not physically
completed.
An additional 483 units are expected to be added to inventory and available for sale in 2008 after
receiving Attorney General approval. It is interesting to note that Saratoga, Cohoes and Glens
Falls continue to encourage developers and expect new construction at an accelerated rate.
Saratoga and Glens Falls have seen the highest price paid for a condo in the region, with
$1,070,454 and $315,000 respectively. Projects in construction in those markets reflects a continuation
of that trend, with prices reaching $1,984,410 for Saratoga and $950,000 for Glens Falls.
Downtown Albany now offers high end condos with prices paid over $550,000.

Read the entire report here.

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