The perfect storm is taking shape (no, not talking about Hanna which hovers above the city today). Manhattan is I'd argue 3-4 months away from showing cracks in its real estate market
- wall street bonus season is around the corner and it will be a disaster
- the Euro just dropped 15% against the USD and will drop further as funds hurry out of this crowded trade. With real estate markets in London etc also starting to fall apart, forget about the foreigners propping up manhattan singlehandedly when local prices are fallling and US prices effectively up 15%. Maybe those who bought earlier will try to sell just to gain from the Fx move.
- the economy is in a state that I dont need to describe
- with govt taking over the agencies, treasuries can only go down i.e. interest rates are headed up
- inflation and the fear of increased taxes in the future is further diminishing the disposable income around

It will take 2-3 months for the wall street malaise and Euro appreciation to finally settle into the thick, always bullish minds of the real estate professionals. be ready to see the headlines before 2009 eases in.

I don't disagree... I think bonus season will bring lots of clarity.