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Luxury Lull

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Not that it needs the wake-up call, but Barron's has some not-so-nice things to say about the Manhattan luxury housing market: "Some 70,000 financial-services employees in the New York area are likely to lose their jobs by the second quarter of 2010, says Economy.com. For those keeping jobs, bonuses could be down 50% or more. All told, luxury-home prices in and around Manhattan could drop by as much as 20% to 25% over the next 12 to 15 months, says Jack McCabe, CEO of McCabe Research & Consulting." [Barron's]