The panic in the Manhattan real estate market of the winter of 2009 lifted in the last few weeks, brokers say, as more and more buyers and sellers have found the courage and the comfort level to sign on the dotted line. A bidding war has even occasionally broken out, though at prices far below those of a year ago, and often considerably below asking price. “When we were in free fall, nobody was willing to pull the trigger,” said John B. Gomes, a broker at Core Group Marketing. “Sellers are more realistic and buyers are optimistic, and we have the lowest interest rates in a generation.” …Prices are still down as much as 30 percent and show no signs of rising, low-ball offers remain common and some of these latest deals may never come to fruition. But brokers say the climate has definitely changed, producing sales at all price points, as some buyers, tired of looking and waiting, are seizing the moment.
By Josh Barbanel, June 7, 2009 NY Times

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