U.S. a Bargain?
A U.S. home priced at $10 million is an expensive, eye-watering proposition for most Americans. But for the very rich, who F. Scott Fitzgerald wrote “are different than you and me,” it may be a bargain when compared with other international locales.
Who would have thought 20 years ago that an investor from Shanghai might find a Manhattan penthouse affordable?
Of the 10 most expensive cities in the world, New York is the only one from the U.S., said a recent report from England-based real estate consultancy Knight Frank and researcher WealthInsight. Monaco, Hong Kong, London, Singapore and Geneva all outranked the Big Apple. Sydney, Paris, Moscow and Shanghai rounded out the list.
Read More At Investor’s Business Daily
High end real estate WORLDWIDE is booming! In Hong Kong a luxury property will cost you on average $11,000 per square foot (PSF).
In London a luxury property averages $5,300 PSF and in New York the average is a mere $4100 PSF.
From Feb 2013 to Feb 2014 788 homes of 10 M or more sold in the US. So far year to date in Los Angeles there have been 153 closed sales of $5M YTD vs. 128 same period last year. Forty-six closed sales of $10M YTD vs. 33 same period last year. Eleven closed sales of $20M and 5 pending vs. 4 same time last year….and 11 closed sales of $30M and zero last year.