New York Real Estate: It’s Different Here!

Real estate crash reaming the rest of the country?  No worries!  Here, it’s off to the races again.  (All that news you’re reading about Wall Street firings and bonuses being down for the first year since 2002, don’t worry about that, either.)

Max Gross at the Post:

October 18, 2007 — THERE’S something of a Twilight Zone dynamic to New York City real estate. While the rest of the country writhes in mortgage agony, much of New York seems to be bouncing like a carefree 8-year-old on a trampoline.

This is especially surprising, given how dire the future seemed just a month ago. People were holding their breath, tightening their belts and preparing for Armageddon. It never came. (Or, at least, it hasn’t come yet.)…