(Source: New York Times)
IN a market like this, it can be hard to look at a price tag and know if you’re getting a good deal.
Many New York City apartments have had drastic price reductions in the last few months, as sellers chase after a cascading market. But a discount from a hugely inflated figure may not be a bargain.
Rachel Lustbader, a managing director at Warburg Realty, says that even though sellers are aware of the falling market, some still believe that their homes are the exception. “People love their apartments,” she said. “It’s like a child. And how can you believe that your child isn’t as pretty as they were three years ago?”
There are, however, well-priced apartments available. Some owners feel pressure to sell quickly, and set their prices accordingly. Others who bought before the market heated up feel more freedom to accept a lower price.
Sheer numbers, however, do not always communicate the bang for your buck.
Read Elizabeth A. Harris’ full article “How to Spot a Good Deal” in the New York Time (June 19, 2009).