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The first day of the month brings to our email inbox one of our favorite real estate newsletters, The Luxury Letter, penned by savvy Elliman brokers Leonard Steinberg and Hervé Senequier. We've admired these gentleman for offering a port in the frothy real estate storm. Take their May report, for instance, which cautioned that the apartment market appeared to be drifting downward, and advised, "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." Such sanity! Such perspective!

Today, however, brings a new Luxury Letter so Bubblelicious that we're tempted to call the market top right here, right now.

Abandoning caution, the Luxists call bullshit on the very idea of the bubble, writing:

So, after all the brilliant philosophizing about the BUBBLE, there appears to be absolutely no tangible indication (so far) of any bubble-popping market behavior. In fact, quite the contrary