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House price decline, why ?

At another smaller project, the Abbey, a former parish
building on East 16th Street being converted to condominiums,
most of the apartments sold for the asking price, or close
to it. But according to property records, one apartment,
a duplex on the top two floors, sold at a discount of
$500,000, or about 27 percent below the asking
price. Eight of 31 apartments are still listed as available.

The developer, Herbert Hirsch, said that he became
convinced that a sloping triangular roof limited the
use of some of the top floor of the duplex, so he
reduced the price
to account for this. He said buyers
were out there looking but were worried by press
accounts about the market and were postponing purchases.

Not a declining market, no Sir.

[ Via NY Real Estate ]


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sometimes we have to face some facts that some of our sale in for some projects are not that highly productive unless it has been properly advertised and or fully urbanized site..

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