"The buzz is out and people want to explore the condominium potential of various sites, " said Gail Lissner, vice president of Appraisal Research Counselors, a Chicago real-estate research firm.

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On average, one-third of real-estate agents said the appraisal process resulted in buyers and sellers delaying or canceling contracts or renegotiating to a lower sales price last year, according to a National Association of Realtors' monthly survey of roughly 3, 000 agents.

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"Long Island is continuing to slip, but a modest amount, " says Jonathan Miller, president of Miller Samuel, a New York-based real estate appraisal and consultancy firm.

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