NEW YORK -- Zhann Jochinke, an associate broker at Argo Residential, put an alcove studio on the market last year for $525,000. But the offers that came in were as low as $390,000.
"People were putting bids out there just to see if the person had to sell," he recalled.
More recently, however, he convinced the seller to drop the price to around $490,000.
Offers began coming in at "5 percent or less off the asking price," he said. Now, the listing is in contract, and expected to close in the next month.