We know well that there’s a huge disparity and even a disconnect between Manhattan real estate and the rest of the country. As an example that is repeated in cities across the nation, a housing boom in Phoenix has gone bust as the number of unsold homes rises and builders pull back. On the news of collapsed earnings, home building stocks have declined sharply, and related job losses in the industry have affected national employment figures negatively. Nonetheless, even as neighboring suburban markets like Westchester prove to be sluggish, New York City real estate is alive and thriving. Prospects bode well for September, the last quarter of 2007, and into 2008.
