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Luxury market hurt but not dead

Started by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Discussion about
http://ny.therealdeal.com/articles/luxury-market-hurt-but-not-dead Luxury units in Manhattan are still being sold, but generally for below the asking price. Last week, casino developer Richard Fields flipped his apartment at 15 Central Park West for $27 million, or $9,480 per square foot, after originally putting it on the market for $35 million. And last month, Luca Orlandi, founder of fashion house Luca Luca, bought a townhouse at 12 East 76th Street, off Fifth Avenue, for $12.35 million. The townhouse was originally on the market for $13.5 million.
Response by JuiceMan
over 17 years ago
Posts: 3578
Member since: Aug 2007

That terrace in the 15 CPW unit is sweeeeeeet.

http://curbed.com/archives/2008/12/30/dice_rolling_15_cpw_flipper_finds_buyer.php

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Response by patient09
over 17 years ago
Posts: 1571
Member since: Nov 2008

No time for detail as I am doing my part to stimulate the economy. But, 2 deals do not make a market ALIVE. The luxury market is DEAD. Early reports suggest Q4 is down over 50% in the number of completed transactions. That is DEAD!. Remember, in the great depression GNP fell 31% from 1929-1932. Unemployment was 23.6% in 1932. I think a 50% fall in ANYTHING, could qualify as DEAD.

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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008

where's malraux on this? :) Miss the guy...

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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008

patient09... stimulate away :)

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