Asked by Jc, 10011 • Fri Feb 13, 2009
Its a new loft condo priced 1106 per sqft. Recent closings occured for presales in Chelsea at >1200, but are prices really falling off a cliff? Lowering it to 1050 per sqft for a new apt seems like I should get some reasonable offers instead of bottom feeders. My broker thinks a trade may be in the 960-1000persqft. Miller Samuel Jan 2009 data is not out yet. Is this the new reality? This is why I wanted to do the mls listing myself to make the new price closer to a trade at the 1000persqft range (and try to avoid losing 50-100k). Given the market reality will prices continue to slide? and I should get out now at a 50-100k loss? or hang on and see the the market recovers in 2,3,5 years? My preference is to get out and try to only lose 25-30k.
Real Estate in New York
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