That lifted the share price of his Hong Kong-listed real estate-led flagship Wharf Holdings by 77% in 2012, triple the rise last year in the property-heavy Hang Seng stock index.

FORBES: Hong Kong's Surge Protector

Still, serious caution is in order--in the real estate slump of 1990, Hovnanian's price-to-book ratio dropped as far as 0.3.

FORBES: Magazine Article

Its inaugural issue, in April, 1998, featured an explosive cover story detailing the case of Qiong Min Yuan, a real-estate company whose share price had quadrupled before it was charged with overstating profits.

NEWYORKER: The Forbidden Zone

Some are still renting "for the price of a meal at a good Manhattan restaurant, " said Brian K. Thompson, a real-estate investor and broker who collects Tudor City memorabilia.

WSJ: Selling Tudor City Treasure

W. to Nakash Holdings is one of the capital's largest office deals by price this year, according to Real Capital Analytics, a real-estate research firm.

WSJ: Plots & Ploys: Washington's Jordache Look

"We see a stabilizing trend in the ultra-luxury segment, as high-net-worth buyers pursue the very best properties at opportunistic price points, " says Bill Fandel of Peaks Real Estate Sotheby's International Realty, who handled the sale of the Bootjack Ranch, via an e-mail.

FORBES: Magazine Article