Property Grunt

Saturday, February 18, 2006

Condo Collapse

By now everyone has read Motoko Rich's article which has risen to #1 as the most emailed article in the New York Times and was featured in Curbed.

I recently received a link to this craigslist ad.


Reply to:
Date: 2006-02-17, 4:38PM EST

There are only 8 remaining 2 and 3 bedroom units in the Trump City center project. For more detail, please send a note with your contact information and best time to be reached.

Serious inquiries only.

this is in or around White Plains

no -- it's NOT ok to contact this poster with services or other commercial interests

If they are advertising on craigslist then it is probably an indicator of how desperate they are.

But what I think sellers should be concerned about is the new mentality overtaking buyers like Tom Hinks.

For now, the bumper crop of properties is a boon to buyers. In San Diego, Tom Hinks, a 21-year-old who is looking to buy a condo downtown, has realized he can take his time.

His approach might scare some sellers. Since Mr. Hinks started looking four months ago, he has viewed 30 condos. "I've actually liked quite a few of them," he said. "But every day it seems like the prices are starting to trim down so I don't want to pay too much."