Gisele Bundchen, fancypants supermodel, has re-listed her Manhattan penthouse, asking $5.9 million for the ~1,700-square-foot apartment. It was previously listed at $10.9 million in Fall 2007. That’s quite a drop in her asking price. Ms. Bundchen originally paid around $3 million for the unit, according to the WSJ, and this is not the first time she has dropped the price.

Listing information calls it a West Village spectacular triplex condominium apartment with breathtaking views of the Hudson River. The 2-bedroom, 2.5-bath home has a key-locked elevator for privacy with a loft-style living room (including a fireplace).

It features a dining area and an open kitchen. In addition, how about a terrace with a 47-foot long outdoor area for entertaining? With a grill and dining furniture, to boot! And the two bedrooms are supposed to appear suspended over the river. That could either be really cool, if you like the view, or quite scary if you’re afraid of heights or water.

The third level of the penthouse features a jacuzzi/hot tub. Perfect for relaxing after a long, tiresome day. We would love to stretch out at night, enjoying the views and the lights. Sign us up! But at around $3,400 a square-foot, it better have a damn-fine interior. The listing conveniently leaves out any inside photos, preferring to concentrate on the terrace and views.

And maybe that’s part of the problem - buyers want to catch a glimpse of a place before trekking all over the kingdom, up and down stairs and elevators. They need some enticement and it’s possible they just aren’t getting it on this listing. Or maybe it’s still just too expensive.

75 million Hong Kong Dollars. Or, if you prefer, about 10 million dollars US. Or maybe you speak Euros: 5 million. However you say it, it’s a luxurious number.

But exactly what luxury will it purchase? If you live in Manhattan, this will buy a tastefully reappointed townhouse in the West Village. In London, a penthouse in Mayfair. Looking to work in a Tuscany vineyard? For this amount, you own it, and the villa.

My own search for the definition of luxury brought me to Repulse Bay in Hong Kong, probably the most expensive district in a city of already rarefied rent. The first clues came during the taxi ride. After nosing gingerly through city traffic, we emerged from Aberdeen Tunnel as though from a magic portal. First were sun-drenched mountains, and around a few bends were Deep Water Bay and Repulse Bay, stunning panoramas of mysterious islands, blue sky and a bluer drink. The city was gone; we were in a new world. My body relaxed involuntarily into the seat. Easing of mental woes through natural beauty and lower population density: acceptable first entries in the dictionary opposite the word luxury.

We arrived at my first address, the Repulse Bay Towers on Repulse Bay Road. Like many on the main drag, it was protected by a gate worthy of a Tolkien castle keep. A security team waved us in and we wound our way up the hill. Before I got out, I asked the taxidriver for his definition of luxury and he gave it in two words: “quiet” and “view.” As I approached the door one of the guards came running over and rang the owner for me. Add two more words to the definition: high security.

Being on the top of a hill, the view was already astonishing, even for vista-saturated Hong Kong. The whole of Repulse Bay lay spread out before us like a painted platter- and I was only on the doorstep.

Stepping into the teakwood lined, floor-through living/dining area, exquisitely decorated with centuries old original Burmese and Thai statuary and a wood block mural depicting the monkey king fable, you’d think you couldn’t take your eyes off the art collection and superb furniture pieces, but the view seizes your attention and doesn’t let go. It’s only one wall, but at about 30 feet long and mostly glass, it hits you like it’s 360 degrees. How do you stop looking? Where do you start?

From the middle of the living room, gorgeous in symmetry and muted colors, the ocean appears to jut out directly, like you’re on an oceanliner. It’s only when you approach the window that you can see the bottom of the hill spilling onto the beach. So, “view” is a mild word here. More like you’re frozen in flight.

At 3300 square feet, this home organizes itself into four split-levels. The kitchen is down a flight and as big as some entire flats. It was appointed with Miele and Gaggenau appliances, the island seats, well, about twelve and there is a wine cooler. But once again the window display is the showstopper, this one the back of the building: dramatic slopes of verdant velvet.

A flight up from the living area are the kid’s bedrooms (with acres of windows facing mountains) and their bathroom. The fourth level is the master bedroom and study, separated by a glass encased bookshelf and sliding glass door that closed to create a soundproof but see-through wall. The view was the same breathtaker as the living area.

75 million.

I talked to the owner about why people like Repulse Bay. Besides the quiet, closeness to city and view, she mentioned something I didn’t know. There is no fog, unlike an often mist-covered upscale district closer to Central, probably the only rival to Repulse Bay for high priced homes.

Two more stops helped to round out the picture. 56 Repulse Bay Road had a security detail that would put heads of state at ease, forbidding photos and requiring phone calls and summit meetings before letting me in. This particular unit was a semi-detached townhouse in a row of the same. The area was 3580, and was organized into two floors. Besides an oversized interior, this home’s main attraction was that it was literally on the beach, perhaps fifty yards away with no road to cross. One hundred million.

The last unit was in the Grosvenor Building, back up the hill, back up to the extraordinary skyhook view. Though it was only 2800 square feet (only!), it felt bigger due to its being organized lengthwise, taking full advantage of the view. 75 million.

Did these three high-priced eye-poppers answer my question? Is luxury a personal preference? Maybe some people would prefer one area or view over another. But one definition of luxury has to be the wow factor. And no personal bias could deny these homes had it.

The other side of luxury is exceeding local norms. A 3000 plus square foot house in the middle of the woods is nothing special. But in a city whose average flat size is 600 square feet and whose government defines luxury as 1600 or more, these three flats, at 2800, 3300 and 3580, are luxurious, full stop.

Then there’s location. To live quietly and within stone’s throw of the sea is always good, but to also be within 20 minutes of major world capital is another “wow.”

My one caveat about Repulse Bay would be that it loses points on convenience if you have to take the bus, which is about 30 minutes, not counting a wait. But if you have been handed the key to one of these homes, you don’t need the bus. You have a driver.

My own driver fighting traffic in some alternate universe, I mounted the 260 bus back to the city. As we rounded the last bend I watched Repulse Bay disappear in glimpses. The city was up ahead. The crowds, the traffic, the noise. My body slowly began to stiffen. Perhaps luxury is impossible to define exactly. But you know it when you see it. And when you leave it behind.

Robert Diefendorf
President, Global Welcome, Estate Agency, Hong Kong

Robert can be reached at Robert Diefendorf

File this under if you have to ask, you can’t afford it. Donald Trump is apparently asking an exorbitant rent for a  Park Avenue luxury penthouse. Try $200,000 per month. Yes, per month, not year. Ouch.

The New York Post reports that the duplex condo has 10 rooms including 3 bedrooms and 6 1/2 baths. Does anyone with a 3 bedroom place really need 6 1/2 baths? Maybe if you throw huge parties. The condo in Trump Park Avenue also boasts high ceilings, a grand staircase, large terraces, and panoramic views of Manhattan. Nice. If you don’t want to rent it, you can always buy it for $45 million.

The broker claims, of course, that it’s the most impressive residence on Park Avenue - which is teeming with posh addresses. With 6200 square feet, a library, a den, chandeliers, a 45-foot-long living room, and more than 50 windows, maybe it is the most impressive. But if it doesn’t sell for $45 million, will Trump tell his broker "You’re fired"? That would make him a parody of himself. Not that he isn’t one already.

  By the way, the building provides full hotel services, valet parking, and a full health club. Ah, New York living at its finest. Nice work if you can get it, no? Who knows, maybe Rosie O’Donnell will make up with "The Donald" and buy this lovely place from him. Okay, so maybe that’s going a little too far. Eventually someone will come along, pay that $200K per month and say it’s a steal.

And the rest of us will look at them like they’re crazy. Except other New Yorkers. They’ll probably be thinking "Anymore, that’s a fair deal for New York luxury real estate."