High-priced Manhattan realty finds few buyers

Manhattan real estate agent Lisa Gustin listed a four-bedroom Tribeca loft for $7.45 million in October, expecting a quick sale. Instead, she cut the price this month by $550,000.

"I thought for sure a foreign buyer would come in," said Gustin, a broker at Brown Harris Stevens who is still marketing the 353-square-meter apartment at 195 Hudson St. "So many new condos are coming up right now. They've been building them for the past few years and now they're really hurting the resales."

A flood of new high-priced condominiums and mansions are coming to market in New York, Miami and Los Angeles just as international buyers, who helped fuel demand in the three cities, are seeing their purchasing power wane with the strengthening dollar. Signs of a pullback may already be showing in Manhattan, where luxury-home sales have slowed amid a surge in construction of towers aimed at millionaires from the United States and foreign investors.