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coasting sideways this fall

COASTING SIDEWAYS THIS FALL

COASTING SIDEWAYS THIS FALL

The deluge of press ink on the housing bubble debate continues even as the media offers broad coverage of record breaking highs for transactions during the first and second quarters of 2005.  In every category and in every area of the city, milestones have been set.  Last year, the headlines broadcast that the average price for a Manhattan apartment was a cool $1 million.  By the end of the second quarter of this year, the average sales price had topped $1.3 million.  Despite the negative environment created by all the talk about boom and bust, prices rose steadily.