by Calculated Risk on 4/09/2009 12:31:00 AM

From Wall Street (1987):

Real Estate Agent Sylvie when Bud Fox goes to buy a condo:

...everybody tells ya they hate the Upper East Side and they wanna live on the West Side but honey when it comes to resale time, believe me the East Side's the one that always moves.

Agent Sylvie when Bud tries to sell:

... well, the market's dead, hon, even the rich are bitching, nothing's moving except termites and cockroaches ...

From the NY Times: Housing Slump Hits Manhattan

Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. ...

In this year’s first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week.
...
[Jonathan J. Miller, an appraiser] said that during the last big real estate downtown, when studio apartments were so cheap that he considered buying one on a credit card, people thought the luxury market would never come back. “Conspicuous consumption was out of vogue in 1991,” he said. “The market was back by 1997 or 1998.”

And I was told New York was immune ...