Where would you buy in the nyc area for under $350k

"So if their revised goal is to just get out of the mortgage, a 350k bid will accomplish that."

Why do you assume they are only looking to get what they owe? Most people like to make a profit.

The seller's ability to profit vanished when the developer sold 45% of the units in a bulk sale last July, when Lehman Bros went under in the fall, and when the new sponsor failed to pay at least two months of common charges on its 45% holdings in March 2009. Fundamentally, I like the unit, and I think it will sell at a discounted price, that is why I brought it up. I don't think all buildings are as uncertain as this one.

so what if 45% of the units were sold in a bulk sale? How does that affect the apt.'s value? And if 45% of the units are owned by a single owner, then you can forget about getting a mortgage, FYI. Fannie and Freddie require that no more than 10% of the units have the same owner. So unless you are a cash buyer, you will need to look elsewhere.

I was simply pointing out a fundamentally strong unit that I think will sell at a distressed price. Is there anything wrong with that, Obama want-to-be?