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We're not sure exactly what to make of the fact that the NY Sun has de-password-protected its JSF-apartment-envy piece and left a story about the bursting real estate bubble behind the curtain, but we think its probably for the best. That's because the news on the streets ? most streets, that is, and certainly not 2nd or 3rd St. in Park Slope ? is that there's too much inventory and not enough demand for luxury. "There is an overall slowdown in the market," Corcoran's Carrie Chiang told the Sun's Julie Satow. "People aren't rushing into buying something like they did a year ago."

Of course, there are plenty of excuses to go around (too many new devs, flippers, and, our favorite, the end of the school year!), and not everyone is throwing in the towel. Still, the latest Luxury Letter from Elliman is completely devoid of the irrational exuberance that gets us out of bed every morning: "Certain asking prices have become excessive, and need to be adjusted: Properties priced within the realm of reason will continue to sell. Un-explainable escalations that we?ve experienced over the past 6 months must cool off sooner or later, and a more normal market could come as a welcome relief for all." If you say so!
· The Real Estate Market Is Finally Cooling Off [NY Sun?sub]
· Luxury Letter: May 2005 []