At this writing, nearly 6 weeks in advance of an October 1 publication date, with the debt markets in turmoil and the stock market zigging and zagging, it’s too soon to tell what effect the fallout will have on our real estate marketplace. It feels a little like 2005 when economists and pundits were speculating whether a real estate bubble would burst. Greenspan saw “froth” in the housing market and predicted that the “irrational exuberance” could not be sustained. Despite the dramatic headlines, however, 2005 turned out to be the year of the bubble that wasn’t. Manhattan real estate did not tank, and although we experienced a mild slump during part of 2006, we ended last year with unexpected vigor and strength.