Chief economist Mark Obrinsky of the NMHC shared his datathrough July 2000 with GlobeSt.com, figures that demonstrate thehot demand for residential real estate. Obrinsky explains thatthrough July there were 8,156 permits issued in Westchester County,the five boroughs of New York City and Rockland County combined.The total for all of last year was 11,495; in all of 1998 therewere 10,342. The number in 1997 was only 8,653.

The figures for five or more multifamily units reflectessentially the same trend, Obrinsky says. Through July there were5,058 permits and in all of 1999 there were 6,729 permits, thehighest figure in years. The Census Bureau also records absorptionrates for apartments in New York versus the national average thatreflect a three-month absorption rate of 85% here and 72%nationally. Over a six-month period, the absorption rate was 96% inNew York and 89% nationally.

Heiberger, however, calling himself "a broker on the frontline," explains that there is a lag time between when sales areinitiated and when they appear on reports, noting that statisticsfor sales now reflect purchases begun months ago. He says henoticed the slowing when "the Nasdaq dipped in the spring and theFed hiked interest rates. Some people lost paper wealth--I mean alot of money. So now they're hesitant to buy."