Are there any buyers out there?

I am but they need to sell to me with at least 20% discount from their asking price and within my price range.

Absolutely, but most buyers I know don't feel the need to make "bad" purchases. Remember, there is no such thing as a bad asset, only bad prices for assets. Real Estate is simply an asset, nothing more, nothing less. Every asset class on planet earth is going through a major revaluation. Real Estate simply takes longer to adjust. It is the only asset class that has a significant fungibility problem, in addition to the fact that people live in these assets. Ceteris paribus, all other things being equal, this adjustment will get legs by early Spring and transaction volume will pick up significantly. The only unknown is the best, most important one, at what price point!

I am but the only reason I would buy right now is if a find a good deal.

i am, but i'm about to sign a new rental lease 'cause sellers in this market just seem detached from reality.

i had a seller reject my bid (at less than 5% under list) to relist at 15% OVER his original lsit price. i think he was trying to get a bidding war started, which failed, and now is listing over his desired price to try and get people to bite..

i think buyers should definitely be patient.. even the new developments that are offering units for rent are significantly lowering their rates.

I'm looking...but would only bite if I find a great deal. Most of what I'm seeing is still overpriced but think prices will fall even further early next year. So just sampling right now.

I am ready to buy, but I want $1K psf for a nice condo, not some old co-op with parquet flooring, formica kitchen and that musty old smell in the hallway. All the nice stuff is 1.2K to 1.5K psf. I'll wait.

Until I can get a higher yield than 10% (yield on investment grade corporate bonds) there is no way i'll touch real estate. And my yield calculation will assume current rents fall 30% from current levels. I figure I'll still buy too early but at least that's a reasonable way to approach valuation.

I am, but have some very specific requirements so am happily sitting in the cat-bird seat watching and waiting for the right place to come along. When it does, I'll pounce, economic crisis or not.

I am, have made several offers, nothing yet. Had several all cash bids turned down last December and now I feel so lucky because I would have paid top dollar. When I see "the one", like Squid, I will pounce.

Lots of us are - just waiting for sellers to realize that right comp is really a 2003 comp, not 2007 10% comp.

sorry - should have read - "not 2007 + 10% comp"

I'm looking to buy. That said, I'm renting a room in my friend's apartment who just signed a 2-year lease extension, so I am in no major rush. I'm all-cash trying to find a 1-BR in Brooklyn Heights or Park Slope, but not at 2008 prices, and will wait as brokers continue to contact me about price cuts on recently viewed properties.

I agree that 2003 prices are the right comps. I still don't think real estate will be a great buy at 2003 levels but I think that will prevent you from losing 30-50%.

I am always a buyer and a seller at the right price! Looks like we'll be renting soon...

I would be interested to see if "the one" does come up.

I remember looking at tribeca lofts in 2002 when wall st was laying off in droves.
That was the last time I saw the desirable 3BR >2500 sqft line in the Dietz Lantern building. I think the price was 1.5M. It is very rare to see these come up and I imagine that most owners, having bought years ago, will not need to sell in distress.

That is just one example for me where I would be waiting for the one to come up.
Maybe it will.

fishermb - can you renovate? Here's a friend's listing in 96 Schermerhorn, an 800 sf one-bedroom for $349K:
http://www.streeteasy.com/nyc/sale/358912-coop-96-schermerhorn-street-brooklyn-heights-brooklyn

What happened to all those claiming "when prices go down 10%, all the sideline buyers will jump in"?

We're past 10%, guess that was, like much of what was written on this board, just wishful thinking.

I am still looking. I'm not sure if my situation is unique, but I am getting married next year and we would need a place to live. We would like to get our own place that we can live for 5 years. Since we're pretty much going to start from scratch in terms of furniture, etc, we would rather not rent in the interim if it can be avoided, instead we'd really rather start with our own home.

Still looking though...

nuy10022 Really? Down at least 10% and past? Really? Could you share your data? Or maybe you should just pull your chair into the circle with the other jerks abd enjoy yourself.

http://www.radarlogic.com/research/RPXManhattanNeighborhoodsReportforAugust2008.pdf

http://analytics.radarlogic.com/radar-logic-home/historical-data.aspx

ruff,

pay attention. the market is down more like 20%. i am not going to page through all the listings to prove it to you, but there are apartment i'm interested in that are down more that 25% from peak comps and still haven't sold.

and then there were two

cherry picking from this site does not prove anything until it is back up with "real" numbers.
No matter how many times you say it, there just an't no Christmas in Novemember!

There's no Christmas in Decemember either....

I think you should fact check a little better.

But in any case, pull up your chair, the circle widens.