ZERO HEDGE: On Manhattan’s “Billionaire’s Row”, A Death Knell Just Tolled For Luxury Real Estate.

Having followed the collapse in the New York luxury housing segment, most recently in “Desperate Sellers Resort To Dramatic Price Cuts In Manhattan’s Luxury Real Estate Market“, as a result of the sudden halt in inbound offshore hot money mostly of Middle Eastern, Latin American and Chinese origin due to the crackdown on anonymous LLCs, money laundering and just the general drop in offshore ultra high net worth over the past year, we thought that we were prepared for ongoing news of a sharp slowdown in NYC luxury retail sales.

That said, even we were surprised by the following NYT narrative of just how dramatic the slowdown in the most opulent segment of NYC housing has been.

Read the whole thing.

Downtown Tokyo was once enjoyed a valuation greater than all of California — and this was when California was still worth something. That was nearly a quarter century ago, and Japan has yet to fully recover from the crash.