Looking to Buy a Condo? Act Now

What's bad for luxury developers is good for buyers
By Wesley Oliver,  Newser Staff
Posted Aug 1, 2009 6:21 PM CDT
A construction worker helps builds a condo project in Mountain View, Calif., Friday, Nov. 30, 2007.   (AP Photo/Paul Sakuma)
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(Newser) – Standing tall in some of the most moneyed neighborhoods in America, condos once symbolized a seemingly bottomless housing boom. Now that the housing market has cratered, the luxury real estate sector is providing would-be buyers with the biggest opportunities, Forbes says. Lake Tahoe, Calif., Key Biscayne, Fl., and New York’s Upper West Side have all seen condos sit on the market for months, and prices could dip further.

“At some point you're going to see talk about drastic repricing,” says one Manhattan appraiser, noting that developers and banks cannot hold out forever. With a glut of inventory, they’ll be forced to act, and buyers can get the best deal by paying with cash or paying enough of a down payment to qualify for loans from the government, says Forbes, which lists its top 10 places to cash in on luxury condos.