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news
Joined: 14 Jul 2007
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Location: Greater Boston
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visitor in beantown
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 Posted: Sat Jan 24, 2009 12:48 am GMT Post subject: |
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the people with money somehow dont get affected by recessions and depressions
| Quote: | | The luxury market continued to hold steady, most likely affected by sales at high-end properties like the Mandarin Oriental, Boston. The median selling price for luxury properties increased by nearly 9 percent, from $669,900 in 2007 to $730,000 in 2008. |
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admin
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| Posted: Sat Jan 24, 2009 6:28 pm GMT Post subject: |
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| visitor in beantown wrote: | the people with money somehow dont get affected by recessions and depressions
| Quote: | | The luxury market continued to hold steady, most likely affected by sales at high-end properties like the Mandarin Oriental, Boston. The median selling price for luxury properties increased by nearly 9 percent, from $669,900 in 2007 to $730,000 in 2008. |
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That's some spin from The Globe. I don't think that the Mandarin was even open in 2007, so it's not an apples to apples comparison, first of all. Secondly, I noticed that the number of luxury sales was conspicuously absent from the article. Also, over 20% of buyers at the Mandarin were trying to flip a mere 3 months after opening.
Also bear in mind that it wasn't until near the end of 2008 when the broader economy really started to hit the skids. Recessions and depressions do hit those with money, but they have been hit too recently for a 2007 / 2008 real estate sales comparison to bear that out.
There's one other thing to consider, too - there is actually a good amount of churn in who is rich at a given time. Those who were wealthy before the recession and those who will be wealthy a few years from now aren't going to be exactly the same group. To say that the wealthy aren't affected by the recession ignores the near certainty that some of the wealthy of 2008 were affected and that the wealthy of 2009 are different people (partially - there is obviously some overlap).
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Palmed in Palm Beach
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| Posted: Sun Jan 25, 2009 1:45 am GMT Post subject: . |
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| Quote: | There's one other thing to consider, too
- there is actually a good amount of churn in who is rich at a given time. |
The Bernie Madoff crowd might agree with this |
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