Things are not good all over.

In their December, 2008 report on the luxury apartment sales market downtown, Leonard Steinberg, Herve Senequier, Lois Planco and Terry Nye, the Luxury Loft Team of Prudential Douglas Elliman, noted declines in sales volume in all the categories it monitors.

It found that in the "mini/luxe" category - "although smaller, luxury is not compromised, priced between $1 and $1 million - 95 sales were signed and closed in November, down significantly compared to the previous month." The report's analysis said that "pricing remains strong although many prices are not disclosed till closing and we suspect the negotiability to be between 8 and 16 percent."

In the "mid/luxe" category - mid-sized luxury properties, priced between $2 million and $4 million - 73 sales were signed and closed, also down significantly. The average apartment size was 1,907 square feet, "up compared to previous month" and the report's analysis said the drop in sales volume "signals potential for buyer build up over time," adding that the team suspects "pricing is down at least 10 percent."

In the "ultraLuxe" category - larger, luxurious properties priced between $4 million and $5 million - 6 sales were signed and closed, "down sharply from previous report." "Hesitation continues and we have heard of significant negotiation, sometimes up to 20 percent off original asking prices (not adjusted prices," the report maintained.

In the "megaLuxe" category - "large, exceptional properties, priced over $5 million many with private outdoor space" - there were 11 signed and closed sales, down from previous month. "Pricing is down. Negotiation is up. Great opportunity buys exist in this area. Many sellers are pulling their properties from the market: they can afford to do so," the report said, adding that "showing volume is rather strong: the super-prime properties will hold their pricing."

In the "houseLuxe" category - "larger, single-family townhouses" - the report noted "very low activity," adding that "buyers are weary of lengthy + costly renovations."

The team's "Luxury Letter" noted that "a new era has begun where the wealthy will be more conscious of their spending," adding that "Flash is now very un-vogue: We think the luxury levels will continue, but they will be better disguised....Anything excessive, wasteful or damaging to the environment will appear tacky, and anything that is discreet and conserves will be heralded as brilliant and responsible."

According to the National Association of Realtors, sales of previously owned homes fell 3.1 per cent in October to an annual rate of 4.98 million and of the homes that sold nearly half were after a foreclosure, a trend, according to an November 24, 2008 article by Michael M. Grynbaum in The New York Times, that "helped send home values down at the fastest annual rate since the Realtors association began keeping records in 1968." The next day Mr. Grynbaum reported that "home prices across the United States declined 16.6 percent in the third quarter from the July-to-September period a year ago, according to the Case-Shiller Home Price Index, a widely watched gauge....released by Standard & Poor's. That amounted to the biggest quarter to quarter decline in prices since the survey began in 1988."

A report released today by TransUnion, a credit-reporting agency, said that "the percentage of borrowers in New York City seriously delinquent on their mortgages will nearly double by the end of next year," adding that "by the end of 2009, 6.2 percent of mortgage holders in the city will be at least 60 days behind in their payments..., by far the highest rate since company began collecting data in 1992."

Not surprisingly, filings of offering plans for new residential condominium sales in the city plunged to 30 in October, a 33 percent drop from the same month last year.