Real Estate Statistics: ‘The Top End Of The Market Immune To All Pressures’

June 11, 2011 3:38 am

We spotted this today:

“How much would you pay for an empty lot in a highly desirable location? If you fancy moving to southern California, Pimco’s Bill Gross might have the perfect place for you: an 18,150-square-foot bayfront lot in Harbor Island which he’s selling for $26.5 million. According to Redfin, the buildable square footage on the site is 9,734, which puts the price at $2,722 per buildable square foot or $1,460 per raw square foot.

in the context of property values continuing to slump across the country, it’s striking that the top end of the market seems to be immune to such pressures. While everybody else is hurting, the plutocrats — whether in Manhattan or Newport Beach — just go on accumulating their millions, blithely unaffected by any downturn.”

And we need to remember, the rich pay no taxes more or less.

Statistics Source: Felix Salmon

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