[NYguy]

http://www.elliottwave.com/freeupdat...#axzz2vgfBKOpt

This Economic Indicator has a History of Calling Major Turns
Luxury real estate reaches new heights


By Bob Stokes
11 Mar 2014

Previous economic periods show that an aggressive quest for luxury arrives late in the cycle.

Consider the Gilded Age of the late 1800s: Over-the-top spending in that era ran face-first into The Panic of 1893. Similar episodes have happened before and since. Porters and ladies' maids were splurging on their own carriages just before the bursting of the South Sea Bubble. And luxury spending went into high-gear during the 1920s, just before the Great Depression.

The August 2007 Elliott Wave Financial Forecast noted:

The boom in luxury goods is no secret. ... There are many signs that the latest binge is a final blow-off in luxury spending.

The stock market peaked two months later.

Now luxury real estate is reaching new heights. Imagine standing in your living room and being able to look down on the Empire State Building. Take a look at this excerpted USA Today diagram.

The February Elliott Wave Financial Forecast notes:

The New York City skyline remains impervious to bearish subtleties as new residential towers continue to poke higher and higher... The amazing breadth of the City’s latest tall-building boom [includes] eight separate residential towers either under construction or in the planning stage. In November, the flurry was topped off by the unveiling of the Nordstrom Tower, a 1,423-foot condominium that will be built in midtown Manhattan. If and when it is complete, it will surpass the current world’s-tallest residential building, the Princess Tower in Dubai.

Luxury residential development reaches beyond Manhattan, and the just-published March Financial Forecast updates you on where else the "skyscraper indicator" is flashing a warning.