If you are lucky, you should only loose twenty to thirty percent.
Consdier that 1 year a go a person earning $260k with good credit easily could qualify for a million dollar plus mortgage. Today banks hesitate to write a mortgage for 500k, even less if the property in question is a condo.
Developers and real estate agents are employing a lot of smoke and mirrors with list prices, freebies and closing fees, but it is now impossible to obscure the basic facts- (1) Banks aren't lending (2) Wall Street $ (20% of NYC's economy) is dried up for the foreseeable future (3) Things are still getting worse.
Need further evidence that developers and agents are playing games? List prices in Williamsburg went up 4% despite the fact that the median sales price dropped by SIXTY PERCENT.