One fellow did tell me that he was doing well leasing his farmland and doing well, the land he planted, the fertilizer prices has wrecked the profits. Ya know, you can't win or if you do it is short and sweet. Bummer.
Manhatten is a totally different animal and should not be used for comparison purposes. My friends just sold on the UWS and had to come down 12% after 6 months on the market. The problem in NYC (or anywhere else for that matter) is real estate agents. They will NEVER tell you prices are coming down as it decreases their sales commissions. Talk about a job that pays exhorbitant amounts for relatively little talent. IMO, prices in NYC will start coming down, as 2009 Wall St. bonuses will be greatly reduced and the myth of the big foreign buyer will be put to rest. Europeans do not have the same spend thrift mentality as Americans and are not throwing their money around at real estate just because of dollar weakness. Not to mention, there is alot of inventory hitting the market. Just about every mortgage is a jumbo, so alot of buyers aren't qualifying. All that and you have to pass the coop/condo board to boot!
Additionally, If you see a house for sale, it doesn't look like it should be for sale, it is probably a sub prime. If you see a jungle gym in the back yard that costs more than the house or two new cars in the driveway and a for sale sign, these people probably fucked up. Lanscaping out of character, an expensive deck. On my street, you could tell who refied, but they put additions on, driving the same old shit box cars (my 94 dodge spirit commands respect {:>)). Capece?