Article: Surf the first wave of panic-selling.

EVEN IN A good year, the fourth quarter often shows a decline in real-estate sales, and this is not looking like a good year. The properties here offer the heftiest markdowns in town by percentage, per the huge database at Streeteasy.com; check there or on Trulia.com for more (try searching "price reduced" or "price reduction").

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

MANHATTAN

610 East 5th Street, Apt. 4.

Gut-renovated one-bedroom walk-up.

INITIAL PRICE: $575,000

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