Playing Hardball in a Soft Market

For well-heeled buyers, the liquidation sales could get even better. One Eastside real-estate broker, who did not want to be identified, says that sellers are still not reconciled with reality. "We're due for more price adjustments," she says. Several languishing listings have already suffered price reductions of $1 million or moreas much as a third off the original asking price. Yet, looking ahead, consultant Pope believes "much of the loss in value from the height of the market" has been realized, and that the decline is "probably not going to occur much longer." Which means you better get in now: There's only a little time left to score your million-dollar bargain.

Mark D. Fefer

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