You’re not obligated to win. You’re obligated to keep trying to do the best you can every day.
~Marian Wright Edelman
To most people, New York City has become an otherworldly real estate market. It’s the town where a skyrise condo just sold for more than $50 million—and it was only that cheap because it was raw space.
But to the global rich, New York is a bargain.
A new report shows that on a per-square-foot basis, New York is half price compared to some other favorite cities of the rich.
The Knight Frank Wealth Report shows that the tiny, tony principality of Monaco remains the most world’s expensive real estate market. The report found that $1 million will only get you 15 square meters of space, or about 160 square feet. So you could buy a $1 million bedroom—and presumably share a bathroom and kitchen with other property-poor millionaires.
In New York, that same $1 million gets you a whopping 30 square meters of space, or about 430 square feet. That puts New York down at number six on the list, below Monaco, Hong Kong, London, Singapore and Geneva.
(Read more: How many Chinese billionaires?)
“New York is a definite bargain from the global marketplace perspective,” said Dolly Lenz, founder of Dolly Lenz Real Estate in New York. “It’s not a bargain from the perspective of New Yorkers who have seen the prices quadruple over the past 20 years. But the wealthy look more globally, and when they compare these cities, New York is great value.”
But the report—done by London-based real-estate firm Knight Frank along with research firm WealthInsight—had other interesting tidbits when it comes to the global wealthy and real estate. They include:
Biggest price gains. The city that had the biggest price increases for luxury real-estate was Jakarta, Indonesia, with prices up 38 percent for prime, luxury real estate. Auckland, New Zealand, ranked second, at 29 percent, while Bali, Indonesia, ranked third, with prices up 22 percent.
Read more: For ultrarich, ’13 was an excellent year)
The darling of the rich. London is the favorite city of the rich. The study ranks cities by their attractiveness to the rich based on four criteria: economic activity, quality of life, knowledge/influence and political power. London ranks first in the world, followed by New York. The two cities always dominate the top of the list (they are like the Gates and Buffett of rich cities), and they are basically tied.
(Read more: World’s richest now worth $6.4 trillion)
But, as seen in the chart below, the study projects New York will eventually retake the lead.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207 or Office:480-948-5554
PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Office : 480-948-5554
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