Category Archives: Condominiums

17 Chapel Street Construction Time Lapse

Chris Churchill of the Times-Union tweeted this video of the construction of condominiums 17 Chapel Street in Albany as captured from Zone 5, a communications firm…

17 Chapel Street time lapse – Places and Spaces – timesunion.com – Albany NY.Enhanced by Zemanta

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.

The Metzger Report

T.L. Metzger has released their first condominium survey for the Capital Region.

For quite some time, anecdotal evidence suggested to us that there was a growing appetite for condominiums in the Capital Region. A very healthy demand for buildings for potential conversion or land for new construction, primarily from downstate commercial developers and a growing stream of condo buyers created an opportunity for both our Commercial Division as well as on our Residential Division.

As a result we knew now was the time to complete a baseline study whereby future condo activity could be tracked and analyzed.

The Metzger Report summarizes that within the next two years, 1,200 urban condominium units will become available for sale in the Capital Region. Just 600 units were sold in these areas in the past 15 years. Condo listings in the urban market currently range from $93,000 to over $1.2 million dollars.

Click here to read the entire report.