The following article by Alan Nevin of Marketpointe Realty Advisors, featured in the September 2007 Metropolitan Magazine, is a great, well researched article and helps outline and clarify the facts. Excerpt:

As builders stop building, the supply of homes no longer is bottomless

It has been almost a year since we broached the topic of the Downtown condominium market in this column. Yes, things have changed, and despite the glut of negative press, the glut of condominiums some predicted has not materialized, and business isn’t so bad.

The resale market is holding up rather nicely. The inventory of active resale listings at the end of July was 492 compared to 613 one year ago. Days on market remain at about 90. That is a lot longer than ordinary (60 days), but condominiums are selling. Click photo to read entire article.