Another friendly reminder our RE market is actually pretty lame.
A luxury home on The Peak in Hong Kong had just been sold for HK$560 million (US$71.7 million), setting another price record in the most expensive residential market on earth.
An apartment measuring 4,242 square feet (394 square metres) at the Mount Nicholson project was sold to an unidentified buyer for about HK$132,000 per square foot, according to Wheelock Properties, which oversees sales of the complex for the joint development between Wheelock & Co. and Nan Fung Development. In square footage terms, that’s the most expensive residential price in Asia.
The transaction at the Mount Nicholson project, comprising 19 detached houses and 48 flats over three phases, broke the previous record for Hong Kong’s most expensive residence, when a buyer paid HK$105,000 per sq ft for a HK$522 million duplex penthouse at Henderson Land Development’s 39 Conduit Road project at the Mid-Levels.
A lot of white collar folks can afford the condos in Hong Kong with dual income. The problem is most people don’t want to buy an old unit (>25 years old). They want new construction with close proximity to downtown for their work commute (who doesn’t) that costs $2M+ USD. Of course it ain’t gonna happen…
Both of them are too expensive for me. I live in the eastlake section of Chula Vista. Low crime and a nice neighborhood but a few more miles from the beach.
