This is a somewhat naive question, which has been addressed & I probably know the answer, but, would like your thoughts: For the past few weeks, a number of buildings on my wish list have apts whose prices have dropped & are now within my range. Generally, the current asks are like 2007 prices, less 10%-20%, but they are still not 2002-2004 prices. I'd like to wait another year before I... [more]
This is a somewhat naive question, which has been addressed & I probably know the answer, but, would like your thoughts:
For the past few weeks, a number of buildings on my wish list have apts whose prices have dropped & are now within my range. Generally, the current asks are like 2007 prices, less 10%-20%, but they are still not 2002-2004 prices. I'd like to wait another year before I consider buying & see where the market goes.
Question: Why do you think these people are selling now? Madoff? Portfolio tanked? Job/income loss? Fear of rising taxes/mntnc? Leaving NYC?
If I was an apt owner, I would only sell now if I were forced to do so, otherwise, I'd wait until the market stabilized. So, other than death, divorce & growing family, why would someone sell now?
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