Quality vs Price

http://www.streeteasy.com/nyc/sale/320202-coop-521-east-88th-street-yorkville-new-york
depends on where you want to live...

That is a nice drop.
07/21/2008
Listed $899,000
08/07/2008
Price decreased to $799,000
10/03/2008
Price decreased to $775,000
10/25/2008
Price decreased to $699,000

I would suspect that it would go down to 550k and be sold. I have no expert evidence or anything, thats a number i just came up with.

I doubt it would drop that low...that's like a price for 2004

600k you think? Maybe 650k and off the market?

I suspect 650 would be the botton..then yes...off the market...to wait....till probably after president in ...February...to see what is going to happen with the economy

It's always nice to buy something without having to go Jumbo...

So much better indeed. I am guessing that there will be some up beat sentiment in Feb. But not sure if that would apply to the RE market. Maybe a little bump in spring and down hill again.

Next thing that needs to change are the maintenance fees in accordance with the market. Or am I dreaming?
If you cant afford to buy a $1 mil place, even if its at $500k, you wont be able to pay for it because of the maintenance fee because from the start you could only afford $500k unit's maintenance fee.

Yeah, it will very interesting....especially what's going to happen with the auto industry, and the bonus season here in NYC come 2009

Jif, something is wrong with your information. "Anything remotely good still gets snapped up right away. Either 1-2% under or over." Can you provide some examples of this? There have been barely any sales in any price category in the past six weeks, so I just don't know what you could be looking at.

Sorry happyrenter, I have been dealing with some brokers who have been showing me stuff which are not listed in public. There were some good deals that I missed because I was too greedy.

I will try to find at least some kind of info, if they are some how listed but most likely only likely to come up after city filing.

2004 prices are coming back, slowly but surely, all across the board these days. There's no reason to be skeptical, ap2492. Check the chop chop thread.

Maybe so...that would be great....

Also, maintenance charges are not going to go down. They have no correlation to the unit's price. Maintenance will only go up, as services, energy costs, renovations, etc. cost more. You will not see maintenance go down, so if you are waiting for that I wouldn't hold your breath.

There are very few quality apartments in Manhattan for under $1 million.

People need to learn how to live within their means..... If they did then the housing mess would not have happened.... I am talking about the dummies who thought they could afford a house with no money down !!!!

Trompiloco ... why do you suspect 2004 to be the year of "correct" price levels?

Personally I'm rooting for 2000.

LMAO!
I get reasonably bearish and people make me look like a nonsense spewing bull like SteveF!
Okay, if we're talking about rooting I personally root for as low as imaginable, 2000 or even 1998 in real dollars (hey, in nominal dollars for that matter) However, 2004 or 2003 look like what can be expected if there are 30 to 40% declines. Of course, the thread about price declines that we did 2 months ago is already obsolete.