Currently, if you were to look at the toatl availability of unsold unit downtown that are in buildings that are either completed or under construction, the total would be 1,696 units. Of that total, 694, or 40% are units in the buildings that are under construction and won’t be delivered untill 2009. Another 176 units, or 10%, are in adaptive reuse or conversion projects. The balance, 826 units, comprising half of the inventory is in completed buildings.
From another perspective, if we look at the longer term view of unitsthat will be available for sale in the future, we find the current inventory and those projects under constructionsell out by the end of 2009–whch is likely–then there are no new condominium units to be deliverd in 2010 or 2011. It is likely that should have a solidifying effect on the downtown condominium market.