As Putin sets his sights on Crimea and the Ukraine, a chill is beginning to be felt in the ultra-high-end luxury apartment market in certain areas. This is especially true for safe-haven markets in the West such as New York and Toronto, where cranes are on every corner, building yet more condominium projects. Russian oligarchs have been writing checks as large as $88 million to buy a cozy 3,000 square foot pied-à-terre on Central Park West.

Interestingly, 40% of condominium and townhouse buyers in Manhattan are foreigners, and Russians are at the top of the list. Alas for the high-end markets, wealthy Russians are worried that Vladimir might not look kindly on investments in the US, given that Putin is talking-up economic sanctions and visa restrictions that may make purchases impossible for his countrymen.

There is a lesson here. Sometimes it doesn't take but one act to stall a market. Let's see what happens in New York and elsewhere as more uber-high-end product gets dumped onto the market.