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I wonder about this a lot in major cities -- whether the seemingly massive number of apartments in luxury high-rises are actually occupied full-time by those wi
by niftich 10y ago
I wonder about this a lot in major cities -- whether the seemingly massive number of apartments in luxury high-rises are actually occupied full-time by those with high incomes, or are they actually more affordable than I suspect? Or are most of them empty, and just used to park monetary value?
- closeparen 10y ago>In a three-block stretch of Midtown, from East 56th Street to East 59th Street, between Fifth Avenue and Park Avenue, 57 percent, or 285 of 496 apartments, including co-ops and condos, are vacant at least 10 months a year. From East 59th Street to East 63rd Street, 628 of 1,261 homes, or almost 50 percent, are vacant the majority of the time, according to data from the Census Bureau’s 2012 American Community Survey. [0] I'm going with "used to park value." It's been mentioned elsewhere that real estate is the last place you can easily park a literal suitcase full of cash without being subject to any KYC rules. [0] http://www.nytimes.com/2014/10/26/realestate/pieds-terre-owners-dominate-some-new-york-buildings.html http://www.nytimes.com/2014/10/26/realestate/pieds-terre-own...