News Highlights

Two of the Internet's young real estate guns were in CENTER CITY. Philadelphia yesterday to discuss life after the subprime mortgage and how long high-priced condominiums can stay expensive.

Philadelphia native Brandon Fishman and financial analyst Brent Gleeson, who partnered three years ago to found NewCondosOnline.com, sat down with Metro while on tour of several cities featured on their heavily trafficked site.

What kind of feedback have you gotten from builders?

Gleeson: In this market, 80 percent of people start their search online. So if these old school developers used to spend $50,000 a weekend to advertise in papers like the Inquirer, they're now actually spending in papers like the Metro or online advertising that's a little more cost effective.

On your site, there is a large list of city condos and the lowest asking price of most is $280,000. Is there any chance of that number going down for the buyers who can't afford that?

Fishman: In downtown Philadelphia, the high $200,000s is probably the low end you're going to see.

And it's not going down?

Fishman: We don't believe so because the construction costs are high enough to prevent the builders from dropping them any more. They would have to take a loss if they go any further.

Gleeson: If anything, they'll drop the prices on the high-end units.

What is the argument right now for buying instead of renting?

Gleeson: It's always looked at as black and white. "Why rent when you can own. Get a home." That's a sales pitch. You have to look at your own financial situation.