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Curbed Roundtable: May State o' the Market Report

It's the start of a glorious new month, which means it's time for Curbed's monthly roundtable on the state of the real estate market. Last month, commenters debated whether word of a cooling market was affecting properties in the $500,000 range (consensus: no, not yet). To kickstart the chatter this month, we turn per usual to Elliman brokers Leonard Steinberg and Hervé Senequier, authors of the Luxury Letter, who issue this appraisal:

· Dull or over-priced properties just sit....the list is longer now, and if you're at the bottom of the list, a long wait is to be anticipated.
· The bulk of the sharply increased inventory is New Development buildings. Some have excessive monthly charges that require investigation.

· There is a shortage of certain classifications of property, surprising as that may be.Good to know, but a bit vague for our tastes (and, notably, focused on the luxury market). What else are people seeing out there? Recent open house reports encouraged.
· Luxury Letter, May 2006 []
· Curbed Roundtable: April State o' the Market Report [Curbed]