…It is clear that the stratosphere of the market — those homes for $3 million or more, or the top 10 percent — has been sluggish, at least relative to the bottom, according to an analysis by Miller Samuel, the appraisal firm….
…In more rarefied air — homes for $6 million or more, or the top 2 percent of the market — there were even more apartments that sold at a discount, or about 59 percent since 2012, according to Miller Samuel….
…For his part, Jonathan J. Miller, the president of Miller Samuel, squarely holds the Rybolovlev purchase responsible for the trend.“It was really a false positive,” he said.
Indeed, citing news reports, Mr. Miller added that the purchase appears to have happened to shield assets during Mr. Rybolovlev’s divorce from his wife, Elena, so it was not a conventional deal….
…Of the current crop of active listings in the $6 million-and-up category, which have been on the market for an average of 168 days, according to the Miller Samuel data, 85 percent have lowered their prices at some point….