Columbia Prof: Residential Construction Will "Nose Dive"

The new director of Columbia's Graduate School of Architecture's Historic Preservation Program has interesting thoughts on how new construction will be affected by the faltering economy in today's NY Times. Based on the past, Andrew S. Dolkart thinks commercial skyscraper construction will stop and there will be more preservation, "I think new construction is going to take a nose dive — especially residential, because we’ve been so overbuilt in fringe areas of the city, and I think a lot of new residential buildings are going to have a lot of trouble." He was amazed at a luxury apartment project between Clinton Hill and Bed-Stuy, "I was thinking, even then, a couple of years ago, why would I spend a million dollars to live on the corner of Quincy and Franklin Streets, which is basically in the middle of nowhere? It’s not really in a neighborhood at all." Maybe that's why some developments are offering "price protection guarantees" to buyers (if the price drops after they buy, they get it at the lowest price)? Photo: mihow on Flickr

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By Jen Chung in News on November 16, 2008 1:35 PM

Comments [rss]

Spirit of 76

[4] It is the middle of nowhere where luxury apartments are concerned. Face it, it's no DUMBO, Park Slope or even Cobble Hill.

ed_Extinct

it didn't take a Columbia professor to figure that out.

NannyState

He backs his shit up with a lot of math...that he keeps in an empty soup can in the cupboard.

EastRiver

I love how these Ivy League eggheads in their ivory towers finally notice things after the normal people in the real world.

I hope this prof. doesn't stay up all night waiting for the call from the Nobel committee.

trotskie

Quincy and Franklin is the middle of nowhere?

You, sir, can go to hell.

Toby von Meistersinger

I love how these Ivy League eggheads in their ivory towers finally notice things after the normal people in the real world.

blablanyc

He just figured that out? Wow. Banks aren't honoring mortgages that had been approved in the past two years. If a home buyer can get a mortgage 25-30% down is normal now. And let's not get into the ridiculous prices for properties.