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Manhattan luxury-home prices in a slide amid weak investor appetite

New York's high-end inventory has ballooned in recent years as developers focused on building large and lavish units in an appeal to wealthy investors.

New York

MANHATTAN'S luxury-home market is losing its lustre. The median price for the borough's most-expensive homes fell to US$3.59 million in October, down 2.2 per cent from a year earlier, according to an index by StreetEasy measuring resales in the top 20 per cent of the market.