New York condos have been known to be overvalued. I mean, paying $57 million for something that would fit in my backyard hardly seems like a fair deal. Though they do say “Location, location, location” so if your location is NY I guess you’re getting your money’s worth.
Basically, Rupert Murdoch, all around tycoon, just dropped $57 million on a Manhattan penthouse . . . and the floor below it. You know, just for kicks.
It seems the newly single guy is expecting to need a lot of room. Probably for holding all his cash, though with floor to ceiling windows I wouldn’t just leave it lying around.
So what lesson can we take away from this? Other than “Man, people know how to waste money” is there much else of value. Well, how about this? If an apartment that really doesn’t have much going for it can be worth that much money, what does it tell you about every other location you’ve seen for sale?
You probably hear all the time “Oh, they’re asking too much, they’ll never get it, why would anyone spend that kind of money, etc. etc.” But you know what the really savvy investors think – this is someone’s dream property and I’m going to make their dreams come true.
So drop the negativity and get started. Find buyers, find properties, and make magic happen.