A Boston Herald columnist writes on the housing bubble. "As reported here recently, the number of unsold condos sitting on the Boston market has doubled in the past year. Who knows when this is going to end? Is it a lull, or the slow deflating of a wild property bubble? Count me in the bubble camp."

"You would have thought, just a few years after the zaniness of the dot-com bubble, people might have been more circumspect. No, it isn’t 'different this time.' It never is. That’s just what people say in a bubble."

"When the penthouse at 51 Commonwealth Ave. went on the market two years ago, it was a symbol of the sky-high real estate market. At $14.5 million, the 7-bedroom luxury home with skyline views was the most expensive condo in Boston history."

"Toney agent Beth Dickerson found herself fending off inquiries from the likes of The New York Times. Today, the penthouse is a symbol of a different kind of market. It’s still there. Unsold."

"Dickerson observes that it takes time to sell a property like this. No kidding."

"Since July 2004, the property has been off and on the market for 'refurbishment.' And even after the investment, the price has been cut by half a million dollars to $13,995,000. But no buyers yet."

"That makes it just the most singular example of the rising number of properties stuck on the Boston market, as their owners drum their fingers in frustration and worry. As reported here recently, the number of unsold condos sitting on the Boston market has doubled in the past year."

"If high prices really were simply a function of rising demand for homes, rents would have soared too. They haven’t."

"In the case of 51 Comm. Ave, I should point out that the sellers may think they’ve only cut the price by half a million. But of course, like every other homeowner holding out, they’ve taken a bigger hit than that."

"When you factor in inflation and lost interest, a check today is worth about 10 percent less, in real terms, than the same check two years ago. In this case, that’s a silent price cut of $1.4 million. And still it’s there."