‘The contracts that are getting done in the luxury end of the market are the result of sellers capitulating to reality,’ said a broker. ‘The contracts that are getting done in the luxury end of the market are the result of sellers capitulating to reality,’ said a broker. Luxury apartment prices rose sharply in 2014 and 2015, but have since stagnated at lower levels. Examples of steep discounts abound in the rarefied luxury market. When the luxury market slowdown began in 2016, brokers blamed it on political uncertainty.

Source: Wall Street Journal August 20, 2018 13:07 UTC