Appreciation on a Grand Scale
Is the real estate bubble over? News reports this morning reveal that those in the know say it is.
The market has definitely slowed. The balance between those selling and those buying has shifted. The rapid rate at which those willing to buy were snatching up those few properties that were available is no more.
Yet, even with the slight price adjustments presently seen, the appreciation has been phenomenal. During each upward climb the buyers were still there. Contracts in hand, agents presented pictures of perfect families to soften sellers in a grand contest called "Home."
Real estate agents, just like me, all over New Jersey wondered when it would all end and where was all that money coming from to keep up with the growing cost of real estate.
Of course, the increasing cost was not only in New Jersey.
It's been reported that the most expensive condo in the United States is a $70 million penthouse atop the Pierre Hotel in New York City, owned by financier Martin Zweig.
Where are the most expensive properties? Interestingly, of the top five - three are in the United States. (This list based on July, 2005 exchange rates and as reported by www.Forbes.com)
1. Windlesham, England $122.2 Million
2. Bridgehampton, New York $75 Million
3. New York, New York $70 Million
4. Malibu, California $65 Million
5. London, England $61.1 Million
The third wealthiest person in the world, Lakshmi Mittal, paid the most ever recorded for a private residence in April, 2005, when he plunked down $128 Million.
The most grand is a residence larger than the combined square footage of Buckingham Palace and Hampton Court in England. Updown Court in the London suburb of Surry sits on 58 acres. It has 22 bedrooms complete with private baths and boasts of 5 swimming pools, a heated marble driveway, cinema, bowling alley, helipad, an underground garage with room for 8 limos, a stable for 5 horses, and a panic room.
Askinig price for this grandiose real estate is approximately $135 Million (in American dollars).
This property was purchased in 2002 for $20 Million and another $30 Million went for improvements. Now this is appreciation!
Is the real estate bubble over? News reports this morning reveal that those in the know say it is.
The market has definitely slowed. The balance between those selling and those buying has shifted. The rapid rate at which those willing to buy were snatching up those few properties that were available is no more.
Yet, even with the slight price adjustments presently seen, the appreciation has been phenomenal. During each upward climb the buyers were still there. Contracts in hand, agents presented pictures of perfect families to soften sellers in a grand contest called "Home."
Real estate agents, just like me, all over New Jersey wondered when it would all end and where was all that money coming from to keep up with the growing cost of real estate.
Of course, the increasing cost was not only in New Jersey.
It's been reported that the most expensive condo in the United States is a $70 million penthouse atop the Pierre Hotel in New York City, owned by financier Martin Zweig.
Where are the most expensive properties? Interestingly, of the top five - three are in the United States. (This list based on July, 2005 exchange rates and as reported by www.Forbes.com)
1. Windlesham, England $122.2 Million
2. Bridgehampton, New York $75 Million
3. New York, New York $70 Million
4. Malibu, California $65 Million
5. London, England $61.1 Million
The third wealthiest person in the world, Lakshmi Mittal, paid the most ever recorded for a private residence in April, 2005, when he plunked down $128 Million.
The most grand is a residence larger than the combined square footage of Buckingham Palace and Hampton Court in England. Updown Court in the London suburb of Surry sits on 58 acres. It has 22 bedrooms complete with private baths and boasts of 5 swimming pools, a heated marble driveway, cinema, bowling alley, helipad, an underground garage with room for 8 limos, a stable for 5 horses, and a panic room.
Askinig price for this grandiose real estate is approximately $135 Million (in American dollars).
This property was purchased in 2002 for $20 Million and another $30 Million went for improvements. Now this is appreciation!
posted by Helene Ashukian at
8:07 AM
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