That's what makes Manhattan such a different marketplace than say Miami or Phoenix.

love how you take this out of context! I see you are on a mission Steve.

"We know what's happening on wall street, the question is how deep will it ultimately affect us? I stated in January how 2009's bonus season will reflect the credit crisis we are going through.

I can generalize this update to you folks, but there will always be that prime property with fascinating views, insane renovations, or the perfect location that finds the perfect target buyer willing to pay top dollar. That's what makes Manhattan such a different marketplace than say Miami or Phoenix. But the volume of these types of premiums being paid is slowing and our market has a history of lagging in slowdowns and leading in recovery."