Your Next Apartment May cost More.

In 2008 there were permits filed with the NYC Building's Dept for the construction of 9,500 new apartments (both condos and rentals). In 2010 that number went down to 505 new apartments.

That hugely significant drop in the construction of new buildings will have a equally huge impact on inventory and ultimately on price.

Building, like everything else in the real estate business is cyclical and we tend to expect slowdowns when coming out of a recession. But, this time its as though someone slammed on the breaks.

This lack of new inventory is likely to cause a hike in prices, experts are predicting it may be by as much as 10%. Once again, another reason to buy now.