And Do I Hear $2 Million? No? $1 Million? Sold! Awash in unsold inventory, developers in New York are looking to condo auctions to jump-start the market. As housing prices around the country began to tumble about three years ago, the New York market kept rising, and only in the last year did it begin to show some weakness But now sales in the city have slowed so significantly that worried developers are planning to auction off some luxury condos in the spring for around half of what they were asking just a year ago.
By Terri Karush Rogers, Feb 26, 2009, NYT

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