Mr. Romanzi thinks he will hold off on buying, though, because he believes prices will drop by about 20 percent. He has bought at Manhattan’s low points: in 1982, he purchased a one-bedroom co-op in the West Village for less than $100,000; then, in late 2001, he picked up a studio in Tudor City for just over $100,000.
He expects eventually to pay about $800,000 for his dream loft. In the meantime, he’s saving up to make a 50 percent down payment. He thinks it’s only a matter of time before Manhattan prices reach these low levels.
“Manhattan is nowhere near there yet,” he said. “I don’t think it’s hit the floor.”
Would you like to comment?
Join Diigo for a free account, or sign in if you are already a member.