Manhattan is becoming "cheap": According to the FTD, last month the average price for a Manhattan apartment dropped to a mere ... 835,700 US$. Sure, it's down 20 % on a year ago, but it's still a far cry from Detroit's 6,000 US$.
Reminds me of what a colleague told me yesterday: A friend of his had bought a decent apartment in central Leipzig a few years ago, and is now trying to sell it. Apparently, he's finding it hard to attract buyers at less than 50,000 € asking price (far less than what he had paid). In central Munich, a similiar apartment would probably sell for at least 400,000 €.