bostonbubble.com

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Description: Floor falls out for Boston's luxury condo prices
URL: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1196267
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2538

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[admin]

I think it's interesting that they are quoting Anthony Longo saying that prices essentially need to be lower. This is the guy who has been relentlessly talking up Boston demand and prices in local articles, regaling readers with talk of "over-asking bidding wars" every year that I remember since the decline began. Here's an article of his from 2007: "Boston Condo Market In Real Estate Frenzy". It's good to see that he's now promoting the message that price matters.

- admin

[JCK]

The guy just wants to make sales. Sure, he'd prefer a higher price, but he'd rather have the sellers offer lower prices, than to have no sales going on.

But I guess the brokers will capitulate first, then the sellers, so it is a sign of the changing times.

[balor123]

Can they even capitulate? It seems like all these commercial mortgages require lenders to agree to significant price drops and since they are lenders they move very slowly and perhaps irrationally, since lending is their business not selling condos.