2 words: Denial & Delusional.
Every condo buildings that don't adapt to demand and offer a huge price cut will follow the same path a the "Magic" Viridian:
Anyway, i asked the same question about RE prices in NY and realize after spending a few days on this forum that it's the wrong place to get unbiased answers about the current market.
Most answers you get from RE brokers hanging here are " Buy now or be priced out forever", " Now is the time to buy", "We're hitting the bottom"...
If you're a New Yorker and are a potential buyer, you may have realized that NY real estate prices are mostly driven by Wall street people & their bonuses. If you read the Talk section from http://www.streeteasy.com you'll get confirmation of what i'm saying. These same investors that have driven the prices up are now realizing that prices are coming down so fast that it may be time to unload to limit the damages. Not many of these people are gonna buy real estate this year, i tell you that.
Any broker telling you that the RE prices reached bottom is lying to you. For 2 properties selling they are 4 new coming on the market. Inventory is growing everyday and it's not being a genius guessing that prices still have a long way to drop until the market starts to become healthy again.
Personally, i'm on the side line and wait until i feel like seller give up resistance and accept my offer at 45% below peak price. You just have to be patient but this time will come.