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Originally Posted by FSETH
A good point that you made is that there are buyers and sellers markets. We are definately in a buyers market right now, where the buyer does have the upper hand. They still don't "set" the prices by themselves. They just have a little more leverage than the sellers at this moment as supply is high.
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Interesting thread.
On a side note, downtown Boston areas (Beacon hill, South End, Back Bay) are still bucking this trend.....sales price/square foot is up (~7% in '07 and ~5% so far in '08), inventory is down, foreclosures are almost non existent, and bidding wars over asking are still happening.
For those of you that live in the other traditionally high property markets - SF, Manhattan, DC etc. are you seeing the same trend?