East Village entry level condos – those 699 square feet and under are off of their 2005 high by approximately 15%. Additionally, the price per square foot has dipped from $662 (2004) to $510 (2007) – the average unit size that has sold in this timeframe has gone from 588 (2005) to 641 (2007).

Market times are still higher than the 2005 levels. The average market time in 2005 was 45 days – but it rose 85 days in 2006 and has subsequently dipped in 2007 to 75 days. After a drop in 2006 to 95%, the list price to sold price percentage has returned to 2005 levels in 2007 at 97%.

As a broker, I am seeing a lot of folks that sat on the sidelines for the last year and half and watched the market starting to jump in. As distressed sellers and foreclosures push prices to a critical low, investors are seeing the bottom of the market – at least from their perspective. Other buyers are still holding out hope for additional price reductions – but it is safe to say with current market dynamics that anything under the $326,371.00 of at least 641 square feet can be considered a good value.