While Miller expects to see continued high-end sales in coming years, the pattern of pricing properties well above what they ultimately sell for could fizzle out. “When buyers believe there’s fair value, or something that they want that they thought they couldn’t have, they’re going to buy it,” Kotler says. “They’re going to act.”

The question is whether buyers will continue to follow the trail of these billionaires-only discounts.

“Superluxury sales are a real phenomenon. The question is how much or how often are we going to see these asking prices that have no connection to the actual value,” Miller says. “I suspect that will diminish, at least in the current cycle.”

This article was provided by Bloomberg News.

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