Wealth
It's a Great Time for Billionaires to Splurge on Real Estate
- Prices are being cut. Camels at open houses offer no help.
- ‘Le Penthouse’ in New York being sold as a ‘white box’
It’s a billionaire’s delight: In a market awash in luxury properties and buyers more skittish about parting with their cash, brokers are working harder to close mega-deals. That sometimes means discounts, and even the super-rich like a bargain.
“Pricing was a little high, so we went through a correction,” said Alexander Ali, an external spokesman for Nile Niami, the movie-producer-turned-developer of multi-million dollar mansions in Los Angeles. With lower prices, Ali’s predicting that "a lot of homes close in the next month."