WOW INDEED

Apropos an earlier post on the changing housing market, comes this NYT piece entitled The Price of ‘Wow!’ Keeps On Rising.

THERE was a time when Kirk Henckels, director of private brokerage for the tony firm of Stribling & Associates, would refer to an apartment on the market for $10 million as “a trophy property.” No more.

“Now I just call it a $10 million property,” Mr. Henckels remarked. The term trophy does not enter his vocabulary until the asking price hits $20 million.
The boundary between ultrahigh luxury prices and routine high prices depends, of course, on who’s drawing the line and from what vantage point. But by and large, brokers, developers and appraisers agree that it lies somewhere north of $10 million.

“It used to be that you would walk into a $10 million property and it would be like seeing someone wearing a 25-carat engagement ring,” said Michele Kleier, president of Gumley Haft Kleier. “Now you look at something at $10 million and say, `Where do I start gutting?’ and `How many more millions do I have to put in?’ “

Say it with me: Ten. Million. Dollar. Apartment. The very concept boggles the mind.

FILED UNDER: Economics and Business
James Joyner
About James Joyner
James Joyner is Professor and Department Head of Security Studies at Marine Corps University's Command and Staff College and a nonresident senior fellow at the Scowcroft Center for Strategy and Security at the Atlantic Council. He's a former Army officer and Desert Storm vet. Views expressed here are his own. Follow James on Twitter @DrJJoyner.

Comments

  1. lefty skeptic says:

    Hope this helps with your recent sticker shock. As a former DC area resident, I give you my sympathy.

  2. Yikes
    Apparently a $10 million apartment just isn’t enough anymore for many….