From a CNNMoney story describing how the real estate bust has finally hit Manhattan:
The Manhattan market’s recovery will be driven by first-time buyers and low- to mid-level buyers, those paying $1.5 million or less, according to Diane Ramirez, president of Halstead Property.
Hmm, something about this makes me think Manhattan prices have not hit their natural level quite yet. Maybe when real estate brokers start describing “mid-level” as below $1.3 million, say.