Manhattan condo price forecast

The prices will go up if the economy continues to heat up. Condos will continue to make more sense than coops.

Urban digs has been talking about surging demand and tighter inventory. Even on Easy Street that should translate to increasing and not decreasing prices.

Harlem condo pricing has become very interesting. 3 "troubled" condos that I know well SoHa, The Gateway and 5th on the Park have all recently RAISED their asking prices. I thought this was nuts but then I saw this apt http://streeteasy.com/nyc/sale/525496-condo-301-west-118th-street-central-harlem-new-york that we looked at and didn't think was worth $920,000 is now in contract at over a million.

looks to me like they will continue to drop in price

Brooks2: Bears may indeed triumph in the long run but 2012 is a year of very tight inventory http://urbandigs.com/2012/02/manhattan_deal_volume_rises_in.html
There are also very few if any sizeable new condo buildings coming to the market.

it will become another japan,

in japan, the RE has been dropping for almost 30 years, but the value is still about 70%~80% of the peak value. very similar to what we see in manhattan so far.

"The prices will go up if the economy continues to heat up."

The overall economy is barely heating up. The LOCAL economy - especially Wall St. - is doing terrible, at least as it relates to compensation. 20-30% lower bonuses should translate to lower housing prices. Or does the "all real estate is local" mantra only apply when things are going well locally?