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Originally Posted by Greedy,Greedy,Greedy
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!).
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It happens in those cities, but it is not a meaningful driver of development activity even there. Yet it is invoked, for example, here, as a reason to block new housing.
