there are places going for 1/2 the original asking price. maybe they will go lower.
a friend of mine just bought a brand new place for half the original asking price here in West Seattle. it has view of the city from south of the ballparks to Discovery Park, as well as a pretty good view of the Olympics. it has a "million dollar view" if there ever was one. it was fitted with high end appliances/counterstop/tile/etc.
he isn't a rich guy (just saved his pennies when on tour in Iraq and Afghanistan), but he just waited for the good deal. I'm thinking he made a good decision. perhaps a deal like that won't be available at the bottom though, so who knows, and maybe there is room to fall.