Hell, I don’t know.
But I can think of several reasons that Tom, who lives on Riverside Drive on Manhattan’s Upper West Side, should consider the possibility:
- He also wants to buy, and buying and selling in the same market usually is a wash.
- Two reasons that selling may not be a wash is that he also is trading up: 1. Apartments above $1 million tend these days to go for deeper discounts than those at lower prices; 2. If the percentage discount is the same for both properties, the dollars saved on the bigger apartment will be more than those lost on the smaller unit.
- Prices may or may not fall farther. Continue reading