Sellers, especially in Tribeca and in new construction, have been pricing their properties at extremely high levels to see if the market can absorb them. As with the rest of the Manhattan market in the quarter, buyers ran to see new properties as soon as they came on the market, with bidding wars a common occurrence in units priced to market and in good condition. Contracts were often released with multiple back-up offers waiting in the wings. The most attractive buyers are those paying cash, and cash ruled the day. While interest rates rose at the end of the quarter, the downtown area was not affected nor should it be, especially since many properties were scooped up by domestic buyers flush with cash and foreign investors attracted by the strengthening dollar. As we move to the third quarter, we foresee a continuation of these trends — and hope for an increase in inventory after the summer months.