Bursting Your Bubble

David Patrick Columbia, Manhattan’s resident social diarist, presents a real-estate doomsday scenario to the readers of USA Today.

“The state of euphoria has changed to fear–big, big fear,” says Columbia, who says disquiet is creeping into conversations among the elite. “We’re obviously in a bubble, and people who know these things fear global disaster.”

While looming “global disaster” is unsettling, The Real Estate is slightly calmed by the colorful chart of the top 15 housing markets in terms of first quarter gains.

Manhattan–where people have been talking about a supposed bubble ad nauseam–is not even on the list. However, there are nine Florida markets with drastic first quarter increases.

Be afraid!

- Michael Calderone