Sellers currently have huge inventories of apartments in the $1M range. In some neighborhoods, prices have dipped by as much as 15%. Prices haven't been this low in years. Think about it this way... You can snag a 2009 apartment at a 2006 price. Who says time machines aren't real?

Buyer's market? We're getting there

Some of the strictest buildings in the city are easing back... As far as we can tell, a 10% purchase price discount isn't out of the question for many apartments. And then there's closing cost breaks... Since closing costs on New York apartments can reach 5% of the final price, closing costs are a big deal. Plus, if a seller is willing to work with a buyer on local transfer taxes, that can knock almost another 2% off the final price. Two percent might not be a big deal if we're talking sticks of gum, but—remember—we're talking about time machines here. Two percent could mean tens of thousands.