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Week 1 Discussion Supply and Demand 3

Week 1 Discussion Supply and Demand 3 - demand for condos...

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The article supports states that sales of condominium conversions have decreased because the supply of new units it too high for the current demand. Therefore, condo lenders are being more cautious in choosing which conversions to fund, but they have not stopped funding all together. It goes onto say that there is a recognized demand in New York for rentals which according to the Law of Demand, will lead to an increase in rental pricing. Another article written in 2008 says that developers actually started using condos as rental properties. Some have recognized that the demand for rental has gone up and consequently, the
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Unformatted text preview: demand for condos has decreased. This is a very smart business decision used in order to adapt to the current economic standing across the nation. As more and more residents are forced into foreclosing, renting out units that were previously sold as condos will be a much demanded service. The article also indicates that even those who have decided not to move away from “for sale condos” have to make changes to their strategy due to the decline in demand by consumers. Sources: http://nreionline.com/news/condo_boom_conversion/ http://www.allbusiness.com/real-estate/commercial-residential-property/10541528-1.html...
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