Sellers...the party is over

I agree, most new constructions are still trying to sell over $1500 psf. I am happy we have a crash going on.

Nice. Maybe you can sacrifice virgins in Central Park for your next attempt to get prices down. I hear the God of Manahattan Apartment Sellers lives in some rocks by the Met.

JM - good point. manhattanguy, come on, think a little first.

JuiceMan, you're right. Maybe what we need is to sacrifice a Vestal Virgin or two.

Though - what is "your next attempt"? I didn't see Nikos doing a dance.

does posting these types of threads have a direct impact on asking prices? Someone should do a study...

Prices will probably only go down significantly among sellers who are pressed to sell--that will be a lot of apartments but not all. Developers will let the bank foreclose before going as low as Streeteasy buyers would like. I have a personal experience about this, I seriously considered buying a penthouse at the Langston up in Harlem:

http://www.streeteasy.com/nyc/sale/32280-condo-68-bradhurst-avenue-central-harlem-new-york

On the market for 2 years, you'd think they'd keep reducing the price until someone bit. I offered $700K cash but they wouldn't deal. For MONTHS ... like seriously over 6 months ... I kept offering $700K. Eventually I was told that the developer would sooner have the bank foreclose than sell for less than $780K.

The same is true of individual sellers who don't have 100% equity in their apartments ... it's the banks' call how low to go. So if they owe $800K for that studio in FiDi, they can't sell it for $600K even if they'd like to. This is one reason I decided to ditch Manhattan and move to LA, the crash hit them much earlier, so the steep discounts that are another ugly year or two away are happening there right now. Nicer weather too.

Sticky you describe exactly the frustration I feel bec/ I want to buy something for cash, although only say 700sf so not as large as you discuss. It's going to take a while for sellers to face reality. But I think , barring an improbably turnaround in Manhattan economics and the US economy in a super rebound, then reality will eventually intrude, as we are seeing already with rent decreases ahead of prices it seems. One thing I don't understand: all these thousands of sellers asking peak prices, are what?...not really needing to sell, hoping to bail out at some minor discount to peak but not willing to go any lower, ...I dont know. Aren't there any overpaid yuppies who want to sell for capital preservation reasons because they see what is coming?

I would imagine anyone trying to sell right now "needs" to sell, otherwise why sell in this market?

There are many cool Manhattan apartments but also many crumby cookie cutter apartments asking top dollar. If I had 100% equity I'd cash out now for significantly off peak but probably still make a profit unless I bought in 2007 or later. But nooooo they're being dragged from peak prices kicking & screaming ... stupid if you ask me. I dunno, ask Larry, he can probably explain the sellers' psychology better than I

"manhattanguy, come on, think a little first."
I did. Are you saying I was incorrect in my statement?

Sticky...I agree. It seems kooky almost, but maybe it's just too hard for sellers to face a loss or lose phantom bubble gains (even tho the loss/foregone gains are getting bigger while they dither).

I would think you would see some trader types saying "bad trade...cut my losses", and selling at some hit now, but I really see little evidence of that. I would especially think people in generic buildings who shouldn't have much attachment would sell.

Patience.