Apartment Watch: A Single Tick Up

In these alliterative economic times, with the "credit crunch" and the "mortgage mess" blanketing the news, prices in Manhattan are finally coming down. Slowly. Very slowly.

It took an "economic earthquake" and a "bank bust" to make it happen. Yet in these "terrible times," there is a little "buyer's bright spot."

The Little Studio That Could increased its asking price from $275K to $300K. That little studio is in 96 Schermerhorn in Downtown Brooklyn, a building that I have a soft spot for.

Bravo, seller, bravo! As the only price increase in any of the apartments I have been watching, I must applaud the move. I mentioned the apartment was underpriced in my post a few weeks ago.

If it were any other apartment, I would be shocked at the gall, my perpetual state since 2005. Since Brooklyn has more gall than Manhattan, the ride down might be even slower on the other side of the bridge.

Pundits are calling this a buyer's market, but I don't know too many people buying. And what is going to happen to the New York market when there ain't no money to be borrowed?