Last February, our market was reeling from the aftershocks caused by a stunning chain of events that began with the collapse of Bear Stearns and bankruptcy of Lehman Brothers. The subsequent downturn in Manhattan's residential market was sudden and precipitous. Sales activity nearly halted and then grew tentative as buyers waited for successive shoes to drop. Whatever limited transactions occurred came with steep discounts averaging 25-30 percent off the highs. Fast forward more than a year, and there are real signs that our marketplace is on the comeback.
