Fire Sale on Luxury New York Condos

Investment Analysis Clubs Macro Economic Trends and Risks
1

{{ Since it became public, the litigation has had a tangible impact on sales activity and prices at 432 Park, according to people familiar with the building and a Wall Street Journal analysis of data from the real-estate listings website StreetEasy and the city’s Department of Finance. Some homeowners are now unloading their properties for a loss, while would-be sellers are cutting prices. Billionaire financier Thomas Peterffy, for example, recently sold his 84th floor unit at 432 Park for $13.5 million, some 37% less than the $21.39 million he paid for it in 2016, property records show. Peterffy declined to comment via a spokesperson. }}

https://www.wsj.com/real-estate/luxury-homes/432-park-avenue-lawsuit-sales-0302e9fb?st=q5n6k53ztc83coh&reflink=desktopwebshare_permalink

intercst

3 Likes
2

Apparently due to poor construction quality.

I saw a news item yesterday on people fleeing Florida. Rising cost of homeowners insurance and distaste for conservative politics that needlessly make residents uncomfortable.

I wonder where Floridians are moving? Closest blue state must be Maryland. Lots of water, boats, beaches, but cold winters and still hurricanes possible.

1 Like
3

Climate change refuges are in short supply. The only place I see mentioned with any regularity is Duluth MN, but who wants to live there? – the mosquitoes are the size of eagles.

intercst

2 Likes