Price reduction for the little guys

Don't hope the price cuts will happen in the short-term. Sellers and agents are still deluded. Reality will take time to sink in.

Very true. I had an offer accepted for $570k for a studio from $629k listed then she pulled out saying she wanted to get more money.

How long do you think until the trickle down effect happens for the entry level market?

I would say until inventory really starts to build up as buyers go on strike.

Jif--your seller's gonna be kicking herself in a couple of months...

Funny thing is that she actually dropped out a week before the first big crash but I havent heard anything since so I am guessing she might have sold it already. More power to her.

Probably all the two bedroom family dwellers moving down to the studio market.

I noticed 1 br dwellers are seeking studio. I over heard few couples say, "this is too small, we wont have private space like we do right now" or something along that line.

""I noticed 1 br dwellers are seeking studio. I over heard few couples say, "this is too small, we wont have private space like we do right now" or something along that line.""

Well, they're fools. All they have to do is wait. Why would anyone buy now, especially something that's 'too small'??

I am guessing either they are 1 br renters or they sold at their unit at the height and looking to save some cash. My guess...

jifjif, what neighborhoods are you looking in? Most of my posts to the "Market Movement with Comps" thread have been below $700k, and there have been plenty of chops not just off asking, but below recent comps. Mostly East Village, some LES, some Chelsea.

Today's newspapers have articles that new yorkers including on wall street are changing their eating habits to save money, eg not ordering appetizers and wine.
What moron would think NYers will change their eating habits but will continue to buy real estate at crazy prices.

tenemental, I been looking at West Vil and I will look for your posts.

Hey jifjif,
How big was this studio? Why not get a real one bedroom? There are plenty of one bedrooms in the $500-$600k range.

Hi guys,

I just bought a one bedroom in the UES 62nd steet last week for investment(buy too let). This was after making an offer in May 2008 and not anticipating all the mess in the market. I don't mind a fallas long as in 5-10 yrs when I come to sell its back up. A foolish decision? Who knows.

BWC

407PAS....I'm with you. I never heard of a studio for $600k.

407PAS? 1BR in west village for 500k-600k decent size 1 br? I cant seem to find one. could you direct me?

jifjif, in that price range, West Village has held up better than East Village so far, but there was an article linked on a recent thread that had time-on-market up by 90% YOY in the WV, the highest of many large increases throughout Manhattan, so it may just be a matter of time.

Julia, are you still keeping an eye on 303 West 66th St? So much for prices on 1brs going up over there. There are two 750sf high floor units (11C and 11CE) w/ dining room and balcony for a price-chopped $525k, and a low floor unit w/ the same layout (2HW) for $495k.