Condos that were being sold at $750 PSF a year ago are still in the market. Many of the buildings where these apts in are 30 to 50% sold. Simone, the large developer of Hunters Point, has been trying to sell in bulk the unsold part of the two buildings they are involved in to investors. One is 30% sold, the other 70% sold. The offers they were getting were in the low 400′s. That was before the meltdown. Unsold units will probably become rental units, and it will become a renters market as much as a buyers market. The only problem is that people who bought an apartment in a condo will find themselves in a rental building, which is a different animal

All this may mean a more affordable LIC, maybe not such a bad thing, because more people in LIC means more services, more stores, more pedestrian traffic. Like the Cuny building, finally approved after much controversy, will mean increased activity that will better the quality of life of the people who made the jump in the last couple of years.

Charlie.