From left: Rubicon Property CEO Jason Haber and a rendering of Extell’s One57A lack of new construction, an influx of international buyers and prices still far from peaks have fueled a shortage of high-end apartments in New York City, Bloomberg News reported.

There were 832 homes on the market asking at least $5 million in New York City in October, according to Streeteasy.com, down 9.5 percent from the same time two years ago. Simultaneously, sales of Manhattan luxury apartments increased 17 percent in the third quarter from the prior-year quarter, according to Miller Samuel. There were more sales of at least $20 million in the third quarter this year than during any time since the third quarter of 2008. [more]

From the South Florida Web site: Bogged down by pricing that
remains out of sync with plunging property values and buyers expecting
great deals, the $1 million-plus luxury market in South Florida moves
at a trickle compared to lower priced homes. Even realistically priced
but expensive homes sit on the market for twice as long as homes in the
$300,000 and under range, due mostly to the battering of the stock
market and sagging economy — and topped off by a tough financing
climate. Together, that’s taken plenty of prospective buyers out of the
equation. One doesn’t have to look far to find examples of luxury homes
that aren’t selling. A 10,000-square-foot Intracoastal home in Boca
Raton has been on the market for two years. The seller dropped the
price several times — from $12 million to $7.1 million. [more]