The biggest standoff to prices going down is that sales are needed to prove it.
Back in the old days when we had foreclosures, the banking rules forced lenders to keep selling their REOs, regardless of price.
But who or what is going to force regular Back Bay or Midtown high-rise condo owner to sell for whatever the market will bear? Anyone who needs money can borrow against their sizable equity, and virtually everyone who can’t get their price today will blame it on everything but their price (“I have comps!”) and wait for a sunnier day.
How bad will sales get?
The bottom line Boston condo sellers will have a vote in the Boston condo for sale process, and they can choose to not sell – and create the Big Standoff.