21–30 of 216 posts
If they aren't living there, why don't they just rent a lot of the houses out? I guess they don't need the money but that has always struck me as weird.
If only there was a way to make living within a city less important. There must be some way to move large numbers of people over "great distances" (50-100 miles) in a more commutable time.
Earlier quoted context omitted.
Vancouver recently enacted an anti foreign buyer tax that seems to have almost completely stopped the practice. Curious if we will start to see more and more of this local protionism.
Unless every desirable city introduces this tax uniformly, doesn't this just shift the burden from Vancouver onto other cities?
What happens when the bubble pops?
In DC, there's a big glut in foreign capital flowing in from foreign oligarchs and elites, particularly from Russia and China. Residential properties in so-called "safe cities" are both a form of investment and a potential life-raft should the political situation change in their nations.In addition to the artificially low supply created by extreme height limitations, this has caused prices to skyrocket. The apartment…
In DC, there's a big glut in foreign capital flowing in from foreign oligarchs and elites, particularly from Russia and China. Residential properties in so-called "safe cities" are both a form of investment and a potential life-raft should the political situation change in their nations.In addition to the artificially low supply created by extreme height limitations, this has caused prices to skyrocket. The apartment…
I feel like there is a massive opportunity to be had here from managing and renting out these places.
The Onion proves itself prescient yet again: http://www.theonion.com/article/report-nations-gentrified-ne...
If they aren't living there, why don't they just rent a lot of the houses out? I guess they don't need the money but that has always struck me as weird.
I'm guessing that renting the property means involving the IRS and potentially their foreign counterparts in the person's home country, both of which could increase the likelihood of getting caught.
What bothers me is that price rises but those are the same crappy apartments. When a flat costs millions I'd expect it to be absolute marvel of modern technology.
I'm not sure what the price range under discussion is, but here are a few from Mayfair.
£11M, seems fancy: http://www.zoopla.co.uk/for-sale/details/40591729
This one seems to be in a new building, £32M: https://www.onthemarket.com/details/2192886/ (home automation, panic room, aquarium etc; would suit criminal mastermind...)
This is much cheaper, £2.6M: http://www.zoopla.co.uk/for-sale/details/41018778
If there's an out-of-date interior, it will be no trouble at all for the buyer to spend 1% of their purchase price on getting it redone.
If only there was a way to make living within a city less important. There must be some way to move large numbers of people over "great distances" (50-100 miles) in a more commutable time.
Not sure if you are being sarcastic. The buyers driving up prices don't live in London. From the article: "Today, 60 percent of properties for sale in this part of London go to international buyers."
If only there was a way to make living within a city less important. There must be some way to move large numbers of people over "great distances" (50-100 miles) in a more commutable time.
Not sure if you are being sarcastic. The buyers driving up prices don't live in London. From the article: "Today, 60 percent of properties for sale in this part of London go to international buyers."
