Editor’s note: Weakness disguised as strength

From the September issue: It’s too early to tell, but it could be a lot cooler for residential real estate in New York this fall than previously forecasted.

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Things that have looked like strengths, namely sky-high luxury prices, are now starting to look like potential weaknesses. Real estate pros — even those who are usually cautious in their public statements — are saying those high price tags could start spooking buyers. They’re also acknowledging a decline in overall demand. [more]