"It Better Be Made of Gold"

The news of a real estate deal completed today is already making national news!  An undisclosed buyer has purchased a property within one of Hong Kong’s most exclusive buildings “Conduit Road 39” for, get this, $57 million.  People in New York don’t even pay that much!  The property is a 5 bedroom duplex that is a little over 6,000 square feet.  So, if you do the math, that is around $9,000 per square foot.  What a different world from the U.S. right now.  China’s booming market is really being reflected here, and prices for homes are skyrocketing.  Although, there is concern that prices are getting too high.  Um, yeah we might have to agree considering the price tag of this place!  Hong Kong’s leader, Donald Tsang, will be making an address today in which the government will free up more land for development.  If more land is opened up, it is most likely that property prices will be able to go down because right now the demand is just too high.  This $57 million unit is not the only one in the building with an outrageous price, it just happens to be the highest.  Other units in the building have sold for $51 million.

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