Posh Pads Begging for Buyers

Cover story in new Crain's print (they don't give access to online text, even for subscribers)... Psh Pads Begging for Buyers Big chill ravishes market for homes costing over $10 million. Last month, the number of contracts signed for $10 million-plus properties in Manhattan was down 75% from August 2008, according to streeteasy. Halstead specifically sold 47 homes in the range in August 2009 vs. 159 in August 2007 and 234 in August 2008. Diane Ramirez of Halstead - "the luxury market is struggling.... We have more product than I have ever seen" separate note.... "others point to a bumper crop of listings that have come on the market since Labor Day"..... of course a broker said "its a good sign". Always good for a laugh.