We have long been bullish on the Manhattan real estate market and following recent rapid price rises and much talk of a â??housing bubbleâ?? a number of commentators and analysts asked us to revisit our analysis. This is a fresh look at the situation; please refer to our September 2004 report that has fuller coverage of some of the issues we touch on here.

According to the latest data (Q2 2005) from Miller Samuel, New Yorkâ?