It has begun: The downturn

According to the Times anyway:

EVEN though the average price for a Manhattan apartment, at $1.5 million, is higher than it was a year ago, some New York neighborhoods have already started to feel the downward tug that has wrenched the housing market elsewhere in the nation.

Such as:

Other neighborhoods that experienced price drops include the Lower East Side and the East Village, where median prices fell 5.5 percent...