I still have vivid memories of 92 etc. when real estate tanked.
Also, in the course of my oh so hectic social schedule I talk to a lot of people. Contracts are being re-negotiated downward, the stuff under $2 mil is staying on the market longer.
The one building that I recently heard of prices actually rising was Courtney Love's building when she moved out.
Pricey and really cheap housing sells the fastest. It's the middle area that always gets hit the hardest when there is a cooling down period.