Finding a market at last

<i> While property values down, pricing is no longer high-stakes game of roulette</i>

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From the October issue: Zhann Jochinke, an associate broker at Argo Residential, put an alcove
studio on the market last year for $525,000. But the offers that came
in were as low as $390,000. “People were putting bids out there just to
see if the person had to sell,” he recalled. More recently, however, he
convinced the seller to drop the price to around $490,000. Offers began
coming in at “5 percent or less off the asking price,” he
said. Now, the listing is in contract, and expected to close in the
next month. After months of uncertainty, Manhattan buyers and sellers
are finally
making a market.

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