Real Estate "Meltdown"

While our leaders up in Washington try to mop up some of the mess made by those devilish subprime lenders, the real estate crunch hits job and home, and we adjust our grocery list accordingly.

Meanwhile, according to the New York Post, the "high end is riding higher than ever."

A record deal was inked for an apartment below 57th Street - $31 million for a condo at One Madison Park, which has sold 70 of its 73 units. The largest condo conversion in the city's history is under way at Manhattan House. And the conversion of the Mark, which hasn't sent out contracts yet, is looking to set many new marks with units priced at more than $4,000 per square foot - including, perhaps, the first Manhattan apartment to sell for more than $100 million.

Yes, $4,000 per square foot. Really. If, like me, you're wondering how anyone can pay such an exorbitant amount for square footage, read on...

...there was a great sigh of relief when it was announced that even though Wall Street was battered, bonuses were still going to be massive (an estimated $38 billion, which would be a record).

And I'm relieved for them. Because if the "high end" is prospering, eventually some of that money will trickle down to the "low end". Right? Isn't that how it works?

Well then, could someone tell them to turn on the faucet. It's getting awfully dry down here.