Here comes the controversy. Citing weak September sales, slipping median prices, a backlog of inventory, developer-offered buyer incentives and the ticking clock of properties on the market, the Wall Street Journal comes to this conclusion: "So far, fall sales data in Manhattan suggest a flattening out of the market more than a sharp decline." The reaction is already pouring in, with one Curbed e-mailer simply writing, "Stick a fork in it." Such strong words! What about the flip side of the coin: the October rebound, the foreigners, the bonus bounce, the fact that prices are still near record levels? If you recall, Fortune magazine predicting a return to normalcy over the next few years, or at least Manhattan's version of normalcy. Is that truly where we're headed?
· They'll Take Manhattan -- For Less [WSJ]
· For Gentrifying Areas, the PriceChopper Cometh [Curbed]