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2000 vs. 2005 Part 2: Time to Trade Down!

More reports from the edges of the real estate bubble market: Elliman brokers Leonard Steinberg and Hervé Senequier pen the Luxury Letter, a free monthly report on the upper-crust real estate market in NYC. Here's their report for this month. (Suggestion: hold your breath while you read to stimulate loss-of-oxygen feeling):

The month of January has seen a feeding frenzy on quality properties never seen before: Multiple bids on rationally priced properties are almost a given, and with an even lower inventory, new quality product is snapped up within days... Buyers today have to either:
1) settle for less
2) pay more
3) rent... or...
4) move (far) out of the city
This is an incredible opportunity to trade down, however...
We're trading down, all right. All the way down to Austin.
· Luxury Letter, February 2005 []