July 29, 2020 By Christian Murray
The Long Island City condo market is currently in a state of flux.
The market was showing signs of softening before the pandemic struck and analysts were also noting that a large supply of units were coming online.
The New York Times did a story on July 3 discussing a glut and looked at what that might mean for developers in a post COVID-19 economy.
We talk to Patrick W. Smith, a new development specialist with the Corcoran Group, about how he sees the Long Island City condo market right now.
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Great interview.
With telecommuting, a lot of high earners no longer need to live in the city. With on-line shopping, not much need for commercial real estate tenants.
Let’s see. People are fleeing NYC. So let’s keep making more condos.
Condo projects take years to plan and implement. Any condo projects that are still being developed today have been planned out and invested into way before the virus.
The plan was to cram as many condos as possible into lic.
They sure planned well. That’s why people are sitting on top of each other every morning on the 7 line. Let’s keep stuffing more people in the condos.
Why don’t you support the president?
@Wealthy, elite condo developers like Trump built this city
Why don’t you like getting covid?