For the time being, yes. But if Wall Street continues to struggle, that could change. Oh, and Austin, Texas, and Charlotte, N.C., are doing well, too.
By Prashant Gopal, BusinessWeek 
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The real-estate downturn has been spreading like a virus since the credit crunch began eight months ago, dragging down prices in small towns, suburbs and previously resilient cities such as Seattle and San Francisco. New York, it seems, is the last major city where real estate is booming.
In the first quarter of this year, the median price for a Manhattan home rocketed up 18%, to $872,000, compared with the same period last year, according to an April 17 report by ResidentialNYC.com, a Web portal operated by the Real Estate Board of New York. The median price for all of New York City, which includes much weaker middle-class neighborhoods in the Bronx, Brooklyn, Queens and Staten Island, rose 4% in the first quarter, to $535,000, the real-estate industry group reported.
"The numbers continue to amaze me," said Steven Spinola, president of the Real Estate Board. "What's driving the prices up is the closing of high-end condos."
The high, high end
New York's price growth was propelled by a slew of newly completed and startlingly expensive condos.
Sting, lead singer of The Police, paid $26.5 million for a condo in the new 43-story building at 15 Central Park West. Sanford Weill, the former chairman of Citigroup, paid more than $42 million for an apartment in the same building, where Goldman Sachs Chairman and Chief Executive Lloyd Blankfein also bought, according to the New York Daily News.
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As a native Manhattanite, I have always known that Manhattan can be viewed as an anomaly in so many categories. Why not real estate. Yes, the high-priced condos reign. One interesting characteristic of Manhattan is that it has many "up-and-coming" neighborhoods, where renovation thrives, often turning old tenements into expensive condos. So, in addition to its traditional pricey areas, new ones are continually created.
As you point out, this could change. I do remember the bleak 70s. However, it has always been a town that seems to be a bit unpredictable. I guess anything is possible.