Brendan,

In a declining market it is very likely that prices have dropped while you were waiting to close on the property.
This will help....if you are financing, banks will not provide financing if the appraisal is less than the sale price of the property.

This protects both them and you from being partners in a home ownership that is not worth the present market value at closing.

Good luck

Hello Brendan,

The best advice I could give you is... Ask your agent. He or she should be able to tell you that information. From 10/31/08 to present threre has been a decline in prices all over the Manhattan area. Now I am not saying that your apartment took a hit because:
I don't know the property you purchased
I dont know what you purchased it for
I dont know what the current comps are in the building.

All the Best
Paul Macapagal

Check with you buyers agent, lender appraisal wont allow purchase apartment overvalued. Amendment executed contract based on appraisal value if less than agreed price back on 10/31. Seller may not accept reduction IF IT lost value. GOOD LUCk !

Yes, prices have dropped and will continue dropping. This is a buyers market. It is of course not a "rule" that the particular one you are purchasing has gone down too much in comparison to the actual price you are paying. You can try and renegotiate if you like...though keeping in mind that coops are a totally different animal from a house wherein the board can sometimes bite off its nose to spite its face and may not negotiate with you at all...if you tell us the building maybe one of us real estate professionals can help you get a comp for that building and/or area.