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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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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
