Sale at 1200 Fifth Avenue

First of all, it's a CONDO, which means there was no "parent in the room" determining whether the buyer could have really afforded the unit in the first place (since we now know that bank underwriters and loan officers were asleep at the switch for that little responsibility).

Second, expect to see a lot more short-sales, as well as foreclosures -- including CO-OPs -- in 2010 and 2011, barring a dramatic turnaround in the job market.

As I've been saying for months, this new wave for foreclosures will have had nothing to do with people buying more than they could afford -- most co-op boards are put in place to ensure that doesn't happen -- but because these people are now UNEMPLOYED -- many at this point for 18 months or more.

I just had a somber chat with my accountant yesterday, during my annual visit to drop off my tax information. He informed me that fully HALF of his clients are now unemployed (most of them six-figure people working in media and entertainment ... quite a few of them seven and EIGHT figure earners), and of those unemployed clients, 3/4 of them are now facing foreclosure (some on more than one home).

hilarious...more made up facts. 3/4 of 50% of nothing = nothing.