The Real Deal New York

Editor’s note: A case for irrational exuberance

By Stuart Elliott | November 04, 2014 04:45PM

From the November issue: Some readers are telling us there is a bubble in the luxury market. We got this note last month that the three signs are:

1. A daily dose of superbroker Dolly Lenz appearing on CNBC
2. A Red Hook condo selling for $1,250 per square foot
3. Michael Shvo on the latest cover of TRD

To address that last one: It’s true, the bad-boy broker was on our cover in August 2006, in the midst of that historically hot market, before appearing there again last month, reborn as a developer with plans for soaring towers. [more]