The New York Times published a story about how the oldest New York families appeared dowdy and obsolete in the boom years, yet now they appear quite brilliant: “What distinguishes the families from other real estate players is that they buy property but rarely sell. They usually have relatively low levels of debt on their buildings, and they do a couple of projects every economic cycle rather than go on a binge”. The message here is important to the luxury real estate market: the very wealthy usually only sell when they want to. Rarely do they get cornered into forced sales. This is what can explain why pricing on the best Manhattan condominiums, co-ops and townhouses has remained relatively stable, obviously with a few exceptions. The co-op system also eliminates the Lottery winner buyer syndrome. We know of many wealthy people who never sell their properties and live in the same place for VERY extended periods of time. Often they gift these properties to kids, or rent them out before thinking of a sale. Not great for brokers, but good for a healthy real estate market.