Posted Mar 8, 2013, 7:33 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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Buildings like this may become more common as long as the market for it continues to grow...
http://www.nytimes.com/2013/03/10/re...ces.html?_r=1&
Billionaires’ Club Is Set to Grow
By ALEXEI BARRIONUEVO
March 7, 2013
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Watching a ballet, you cannot help but marvel at the power of the movement, and the ability of the dancers to soar through the air, time and again, as if there were no limits to their stamina. And so it is —well, almost — with the market for high-end properties, where the intensity of sales, at heights never seen before, defied gravity in 2012, whether it was in New York, London, Miami, Los Angeles or Hong Kong.
Is there a day of reckoning on the horizon? Just how many more buyers will be willing to pay $88 million for an apartment in Manhattan, or $121 million for a 10,000-square-foot Chelsea house like the one the developers Nick and Christian Candy bought in London in September? Or $117.5 million for a nearly nine-acre estate in Woodside, Calif., in Silicon Valley, the highest price ever paid for a residence in the United States?
The short answer is a lot. New reports out this week suggest that the residential luxury-buying ballet is very likely poised for a sustained performance.
Over the next 10 years, some 95,000 more people around the world are expected to see their wealth grow to at least $30 million, according to a forecast by Knight Frank, a London-based real estate company, which puts the current number of such people at 189,835.
Then there are the global billionaires, a crowd with an almost insatiable appetite for trophy properties, like the penthouse at 15 Central Park West that the daughter of Dmitry Rybolovlev, a Russian potash fertilizer billionaire, bought last year for $88 million, or $13,000 per square foot.
The number of billionaires will grow by 85 percent over the next decade, to 4,076, Knight Frank forecasts.
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