Rainbow! Steve Wynn Wants $25 M. for Fifth Ave Condo Damaged in the FloodOn the one hand, if a Fifth Avenue apartment couldn’t sell six years ago when it was asking $15 million, and then suffered a flood that damaged walls, ceilings, floors and furnishings, it’s slightly disconcerting that the place would hit the market again for $25 million . But the seventh-floor condo at 817 Fifth Avenue is no mere apartment. It is a Steve Wynn experience. “I will tell you,” said ...

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Drop The Price Or Bulldoze Them Down

July 5, 2009, 3:46 pm | The Housing Bubble Blog

A report from Marketplace. ?Stacey Vanek-Smith: The median home price is down about 17 percent from last year. The reason? Foreclosures, of course. Buyers are bargain hunting. And owners of more expensive houses aren?t selling unless they have to. But there?s another problem says economist Lawrence Yun with the National Association of Realtors. He says appraisals are coming in low. Yun: ?The buyer and the seller agree to a price. Yet when an appraisal is coming in, it?s coming in much lower th