I agree with the article. There is really no ‘price tag’ carved in stone. It all depends on the seller and buyer. In Westchester, there always seems to be buyers buying, especially the well-maintained and attractive houses at good locations.

The economy is bad and jobless high, but not quite appocalypse. NYC will bounce back. The potential value of houses in Westchester is incomparable to FL, NV, or Detroit.

The trophy homes are an issue, but those are in a price range unto themselves. They also have other issues such as they are expensive to maintain, heat and cool.

However, the pent up demand for homes $1 million or less is substantial. We are already seeing the results this year – recession not withstanding. Buyers are out and they are making offers and buying homes.

Those who try to be cute by saying “I’ll wait for the bottom.” could well be kicking themselves for missing the substantial drop we’ve experienced. You won’t know where the bottom is until after the market has turned. By then the buyer’s market is over – and you’ve missed the negotiating advantage you had.

Unemployment…commuting convenience isn’t all that important if you’re not working.

Declining incomes and gutted Wall St compensation…what little cash is being awarded will not be spent on trophy homes

Easy money days are over. No more no money or 10% down on jumbo’s.

Rising taxes for the next several years.

No disastrous crash perhaps but qualified buyers should expect bargains.