New York's luxury real-estate market is crashing

``That dynamic is playing out in New York today: September 2018 sales volume is down 39% from September 2017, with prices dropping by 9%; for every ten $10m+ home on the market, one sells (the ration is actually probably worse -- developers are keeping "ghost inventory" off the books to make the figures look better). There is a ton of super-lux property about to enter the market: 9 skyscrapers this year, and 20 more by 2020.''