I'd be curious to know what the breaking point is for luxury condo developers, i.e. how far do prices need to sink before they're in trouble? As an extension of

I'd be curious to know what the breaking point is for luxury condo developers, i.e. how far do prices need to sink before they're in trouble? As an extension of that, who are the investors that will take the hit? Presumably, the capital put down for the construction of these condos gives landlords and developers a hard floor on the prices they can accept. Is their solvency dependent upon charging luxury rents, or could they get by leasing at more moderate rates?