Price drops in Murray hill....

i think you can make your own price drop by offering much less than the asking price and see what happens.

Why Murray Hill?

I think you'll get some deals in UES.

Wait. Rents have dropped substantially.

Very timely link about Murray Hill at NYT

http://www.nytimes.com/slideshow/2009/04/16/realestate/20090419LIVINGIN_index.html

Mhillqt:

Perhaps the "offer" prices have still not come down but according to Miller Samuel the "transaction" prices have dropped more than 20% from 2Q2008.

Check out their data tab at:

http://www.millersamuel.com/data/index.php

I know at least some sellers are keeping their offering prices (too) high with the expectation that buyers will be low-balling them anyway.

I wouldn't be a buyer now - but to each his own. Good luck.

thanks for the article...ive been renting in murray hill since 1990......rent stabilized.....that article is great...i love the area and live right off park in the high 30s...prime historic murray hill...i could have purchased in 1997...1 beds were 120k.......so now im looking again but prices arent that low......perhaps lowballing is the way to go but i think sellers are still not ready for that...im just looking at this point.....hopefully next year......dont want to wait any longer...i will be in the grave by then LOL

My rent in Murray Hill dropped 20% and i probably could have gotten 25% but I negotiated some other favorable terms instead. The price-rent gap is actually widening I believe...keep renting until it is cheaper to buy.