Originally Posted by Tyrone Slothrop (Post 524061)

No.

Originally Posted by Greedy,Greedy,Greedy (Post 524046)

I don't know the stats, but this is a reality in a small slice of the market - luxury high rises in Boston, SF, and NY. We've had a bunch of referrals from firms we work with in China, Taiwan and Australia to help them buy some of these, and one of my partners has developed a little guide (in English and Chinese) on buying such properties. I had one I passed on to someone who does that stuff where someone was buying a $30 million apartment in NY. Who does that?

It's almost comical in Boston because until recently we really didn't do luxury highrises. People with money in Boston live in Brownstones or single family houses, not highrises. But lately a bunch have been going up, and they fill almost entirely with people not from here (including a lot of relocated NYers - thanks GE!).

Originally Posted by Replaced_Texan (Post 524065)

I really, really love that Moscow Mitch is getting so under their skin.

Originally Posted by Tyrone Slothrop (Post 524060)

You talk about the problems with "cities" when you mean post-industrial mid-Atlantic cities. San Jose really is a city. It's not perfect, but it's problems are different than Philadelphia's problems. If you want to have a conversation about the problems in Philadelphia (or Baltimore, or Detroit), fine -- just don't think you're talking about "cities" generally.

Originally Posted by Hank Chinaski (Post 524064)

Whoa.... Ty's from the hood.

Originally Posted by ThurgreedMarshall (Post 524066)

Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.

TM

Originally Posted by Hank Chinaski (Post 524070)

So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-

Originally Posted by Greedy,Greedy,Greedy (Post 524067)

Me too. I'm doing a daily tweet of today would be a good day for Moscow Mitch to bring a voting security bill to the floor.

I had given up on shame being any kind of a tool for getting the tools to act decently, but maybe they still have, lurking under the racism, sexism, and general nastiness, a bit of shame somewhere.

Originally Posted by Hank Chinaski (Post 524064)

Whoa.... Ty's from the hood.

Originally Posted by Hank Chinaski (Post 524070)

So those are a vacation place for the time someone might be in the States? Looking at the ads in the NYT each week for the new mega tower with 1 bedrooms starting at $4 million Always wonder who could be buying them-

Originally Posted by ThurgreedMarshall (Post 524066)

We had to change our laws, I believe, because this has been such a problem here. There was a huge article in the Times a few years back about it. Russians, Chinese, and Brazilians have been using high-end real estate in Manhattan to stash/hide their money. They used corporate entities to hide ownership, so I think the laws have changed to improve transparency.

Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.

TM

Originally Posted by Tyrone Slothrop (Post 524076)

If those people are buying apartments as investments, I don't understand why they don't rent them out.

Originally Posted by Hank Chinaski (Post 524077)

Cuz the amount of money you could get isn't worth the headache? Especially given the investment.