``The quiet disappearance of many of these mega-priced listings from the market underscores what most brokers have known all along: there is no $100 million housing market. Instead, what felt like a steady beat of $100-million-plus trades--a $117.5 million deal in Woodside, Calif., in late 2013, followed by a $120 million sale in Greenwich, Conn., a $147 million trade East Hampton, N.Y., then a $100.5 million Manhattan apartment sale at the end of 2014--were in fact a series of closely spaced anomalies. "All those transactions were one-offs," says appraiser Jonathan Miller of Miller Samuel. "It's not that the market has physically changed, it's that there's more visibility. The word is out."


Now there are plenty of signs that the luxury market has cooled off--and not just at the $100 million price point. In Manhattan, where so many luxury towers are in the pipeline that there is now a glut of supply, a total of 190 apartments priced at $10 million or higher sold in 2015, down from 214 in 2015, according to CityRealty, which tracks co-op and condominium sales in Manhattan. The number of contracts signed at $10 million and above dropped 16% in 2015, according to Oshan Realty, who tracks sales at $4 million and higher. It took two months longer to sell a luxury property in 2015 compared to 2014.


With the luxury real estate market crashing back to Earth, at least some owners seem willing to price-chop their listings. Just last week Celine Dion cut the price of her Jupiter Island home in South Florida by $30 million to $45.5 million; this week the Wall Street Journal reported that Julia Roberts lowered the price tag on her Kauai retreat for the second time, from $26 million to $21.95 million. They are among several celeb-pedigreed properties, Variety reports, to undergo price chops.


Some developers of new projects are also getting more realistic with pricing. HFZ Capital Group's paid one of New York City's highest prices ever for a piece of land along the High Line, but the new Bjarke Ingels-designed tower to be built on the site reportedly won't feature $10 million apartments. HFZ plans to build smaller luxury apartments at a lower price point, according to Bloomberg. There are signs of pricing easing in luxury resales as well.

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