Sellers get real. To a limit.

When Douglas Elliman’s Richard Steinberg took over a listing for an Upper East Side co-op last month, the first thing he did was knock $2 million off the $19.5 million asking price. The four-bedroom unit, in a pre-war building at 550 Park Avenue, had been on the market for six months. And the market, Steinberg cautioned, “is not the way it was. If you want to sell your property, you are going to have to reduce it.”

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