Luxury residential "simply overpriced"?

In explaining lower prices for luxury residential in 2017, Compass president Leonard Steinberg wrote “These price reductions often veiled the fact that many properties were simply overpriced”. He added that the high-end market saw “renewed vigor” during the last quarter of the year. The investor buyer in new developments is slowly returning as equity markets appear richly valued and the dollar has... [more]

In explaining lower prices for luxury residential in 2017, Compass president Leonard Steinberg wrote “These price reductions often veiled the fact that many properties were simply overpriced”. He added that the high-end market saw “renewed vigor” during the last quarter of the year. The investor buyer in new developments is slowly returning as equity markets appear richly valued and the dollar has weakened”. Several contracts were signed on trophy properties, indicating renewed confidence amongst the ultra-wealthy. Does anyone think this makes sense? Do many investor buyers feel that the stock markets are "too rich" and therefore turning back towards the residential market? Or that foreign buyers are returning to the market due to a weakened dollar? Unless I see evidence of this increase in demand, I will assume that this is nothing more than broker-speak. https://therealdeal.com/2017/12/29/the-year-in-luxury-pads-take-433-days-to-sell/?utm_source=internal&utm_medium=popular_widget&utm_campaign=posts_popular [less]