New York City's ultra-luxury real estate frenzy - with its sky-piercing condominium towers and $US100 million ($131 million) price tags - has finally come to an end. Even with every conceivable amenity, the eight- and nine-digit prices attached to trophy homes with helicopter views and high-end finishes never bore much relation to actual value. Rather, a class of super-rich investors primarily drove the market, choosing high-priced real estate as their asset of choice, because it was less volatile than other investments and they could use shell companies to hide their identities. But today a four-year construction boom aimed at buyers willing to spend $US10 million or more has...
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