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.

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