Without question, a revitalized real estate economy greatly benefits New York. As we have learned all too often, however, a frothy market can produce disastrous results and unintended consequences when buyers have more money than sense.

In a tragic turn of events last week, a troubled Upper West Side condo owner who said his building harassed him about his pitbull took his own life just hours after euthanizing his healthy five-year-old dog.

Rather than reverse a rejection, it's much more common for a board to ask for more information before rejecting, giving buyers a chance to allay anxieties or correct inaccurate or incomplete information.

It's been an amazing shopping year in New York City, with new stores, new looks, and new visitors (50 million of them!). Going through a list of the n...