Regarding size trend – I do track that (to figure out the $ / square feet) and I can tell you it has not changed much at all. I will pull together a little chart this week and post it. The big change in size comes from the new Toll construction – BUT – they are mostly sold through the Toll sales office and NOT on the MLS therefore not included in my analysis. The MLS figures are primarily resale and small new projects. I don’t believe the trend is affected by size.
I agree with Matt, the hill is going to become easier to ride – sorry, I’m a cyclist – but we are still way behind pricing in Brooklyn, Queens, the Bronx, and obviously Manhattan. I can also tell you that these buyers have 20% or much more down and are buying to live in the properties – not flippers or unqualified borrowers. Nothing like ’04 and ’05.