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Thread: is NYC different - or is the bubble bursting here too?

  1. #16

    Default waiting game 2

    "why dont these people cut their price and maybe get some action?"

    Answer: A lot of these sellers on crack are not desperate to let go of their property. They can wait it out too. I remember back in 1996 when I was in the market to buy an apartment on the east side. The prices were low then... it was a "buyers" market. The problem is, nobody is selling. People who sell and give good deals are the desperate ones.

    In order to get some action, you have to find a desperate seller. Those that are heavily in debt and borderline foreclosure will give you the "discount" you deserve. Otherwise, sellers who are selling to move to a bigger apartment or sellers who will turn around to invest has the stomach to wait it out as well. They will advertise at "inflated" prices until somebody bites.. otherwise... it will sit in the market for years without a bid.

  2. #17

    Default

    Quote Originally Posted by Domoarigato View Post
    "why dont these people cut their price and maybe get some action?"

    Answer: A lot of these sellers on crack are not desperate to let go of their property. They can wait it out too. I remember back in 1996 when I was in the market to buy an apartment on the east side. The prices were low then... it was a "buyers" market. The problem is, nobody is selling. People who sell and give good deals are the desperate ones.

    In order to get some action, you have to find a desperate seller. Those that are heavily in debt and borderline foreclosure will give you the "discount" you deserve. Otherwise, sellers who are selling to move to a bigger apartment or sellers who will turn around to invest has the stomach to wait it out as well. They will advertise at "inflated" prices until somebody bites.. otherwise... it will sit in the market for years without a bid.
    Most of the properties on the market right now are not owned by people who are selling their primary residence. I remember seeing an article where it said that more than 60% of properties in certain areas are bought up by speculators and the very rich. They can keep properties on the market for a long time since they are in it for the biggest profit.

  3. #18

    Default

    Quote Originally Posted by Eugenious View Post
    Most of the properties on the market right now are not owned by people who are selling their primary residence. I remember seeing an article where it said that more than 60% of properties in certain areas are bought up by speculators and the very rich. They can keep properties on the market for a long time since they are in it for the biggest profit.
    well hopefully the money pit caused by NY maintenance charges will bring some people to their senses.

    the ones in my price range are individual owners who live(d) there - and if they have to move (job, family) or its an estate sale. then the sale has to happen. so "motivated" (oh how I love that code word) sellers will be a little more commonplace...

    dont forget too, that sometimes when its a becalmed market (or slowly sinking ship) its best to get out now. markets often stagnate for many years, not just a quarter or two.

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