If you got 15% less than asking price on an UWS 1 Bedroom, would you take it or still wait out the market?

I would wait. The building that I am looking for is a condo conversion. The rent regulated tenants that have been buying in the previous two years are typically low income people that are now cash strapped. They had to wait at least a year before selling. Now there is a glut and they are freaking out. Prices are coming down by far more than 15%.

if you think you might need the money in the next 4 years - get the money and run! if you can wait longer, then dont sell

you want to sell or buy?

Oops, sorry, I should've clarified. The 15% off of asking price would be for you as the buyer, not the seller.

Take the money and run

So you're saying you would buy it without waiting the market out? The forecast is that prices are going to drop much further, no?

Depends on the apartment and the asking price. Impossible to answer responsibly without more information.

¨The rent regulated tenants that have been buying in the previous two years are typically low income people that are now cash strapped. They had to wait at least a year before selling.¨
Is there a provision in condo conversion sales where insiders have to wait one year to sell?

Mimi: I have not encountered a restriction like that personally, but I guess it would make some sense from the sponsor's point of view, to keep the insiders from undercutting sponsor sales. The more common situation is that the tenants in residence are permitted not only to flip, but also to assign their contracts without ever actually closing. I think quick insider flips were allowed at Sabrina (240 West 98th) and at 817 West End. Not sure about the other conversions.

It looks like NY area real estate is trading somewhere around 2004 price levels.
The S&P and Dow are around 1997 levels. Even if the asking price is at 2004 levels, 15% may not be a great deal. And if the asking price is near the peak prices, like a lot seem to be, 15% off would be too high even today.
If the asking price was the same as the place sold in 2000, 15% off would be just about right compared to the equity markets...

This is a ridiculous question. I don't know why people insist on posting questions asking if a certain percentage off ask is a good deal. Without knowing details about a property, it is impossible to answer this question. If it was 15% overpriced, then it's probably a bad deal, if it's priced at market (based on recent 2 month comps), then it's probably a good deal. Proceed at your own risk.