Got $50M for a 750 sq. ft. condo?
You may think the U.S. real estate market may be overpriced in some areas, and even going to “H-E-double hockey sticks” in a hand basket, but its not THAT bad.
Sure, there may be a few places like Miami where they are experiencing a five-year supply of homes priced at above $3 million, with over 4,000 properties listed for over $1 million.
Sure, there are a few markets like Las Vegas that may be off by as much as 40%, but it sure isn’t as bad as in Moscow where a 750 sq.ft., two-bedroom, one-bath condo with a small kitchen, and one light fixture sells for $6 million, a mere $8,000 per square foot. Or, in the south of France, where warehouse-type condos are selling for over $50 million.
I guess if you think of things in these terms, it’s not that bad.