Since the current market conditions are heavily in favor of buyers in Manhattan’s residential market, now is the time that you can negotiate more on a potential purchase. According to the latest market reports, in Manhattan’s luxury market, the average discount from asking price to sale price is somewhere around 8-9% percent. With new development, this number can be tougher to gauge because developers are loathe to discount the sale price but instead offer incentives from the mundane like paying transfer and mansion taxes to offering a free parking space. Generally, though now is the time when you can do a bit of negotiating but you really need to understand how motivated the seller is, how long the property has been in the market and how long the competing listings are staying on the market. In this market, some buyers might even make multiple bids and play one against another to see who will cut the best deal.

Patience is the key in today’s market as I have told a couple of buyers. Depending on the segment, you may need to let the market come to you as the seller’s expectations become more in line with the current conditions.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.