Just how bad is the commercial real estate market?
To the left is a copy a The New York Times Advertisement which appeared on Sunday, June 10, 2009.
Note 2008 Price of $58 Million was X'ed out.
2009 Price: will entertain offers under $35 Million with immediate closing.
Of course the questions becomes how far under $35 million? Will the sellers accept an offer of say; $ $30M, $25M, or $20M with an immediate closing? Who knows.
I've never before seen a real estate advertisement with the wording, "will entertain offers under ."
A price reduction of 60% is bad enough. This however reflects prevalent market conditions.Bill McInerney
BUYING OR SELLING? CALL BILL MCINERNEY 617 816 3933
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