CondoFeed

Condo, Strata and HOA News

Tag Archives: rich

$100,000/Year Condominium Fee

I always wondered what those high-end condominiums cost in maintenance fees. In Australia, an 8600 sqf condo at the Bennelong Apartments (nicknamed the Toaster) – which includes cellar, billiard room, an exclusive elevator and a fantastic view of the Sydney Opera House, is about $100,000/year in condo fees.

It is also for sale, and you’ll have to pony up. 91 year old owner Cyril Maloney is asking $30 million (AUS, which is about on par at the moment) and flat out turned down an offer for $22 million.

It is a pretty building.

Move In, Have Money, Demand Change

Having just congratulated the Ministry of Sound for proactively participating in local redevelopment, and successfully preventing a 41 floor condominium from being built too close to their business of “being noisy”, I have a great example of the reverse.

Miss Lin Yu Yang, of the Rivergate Condominium in Robertson Quay, Singapore, is successfully getting the attention of local government officials to cut out local street drinking and early morning use. The Rivergate is located in the Robertson Quay, an extremely popular night club, hotel and restaurant area. The very famous, huge, nightclub Zouk is located there.

Having recently purchased a ~3.2 million USD condominium, Miss Lin has become distraught over the level of night life noise. It’s too much for her, and she wants the first Singapore no-alcohol zone to surround her home.

Seriously. You’re going to spend that huge amount of money on a condo, and not do your research if it is suitable for your living needs? Drive by at night?

If I had enough to buy an expensive unit like that – I would definitely require a week long residency – even if I had to rent the unit out for that week.

As Miss Lin is quoted:

If we ask them to stop, they may say: ‘You think that just because you are rich, you can tell us what to do?

Well, yeah. I think they would.

A Condo you will never be able to afford – $98.5 Million USD

The tag line is:

Not only do you live at the centre of the universe, you overlook it

And for that right person who feels that they live (nay, are) the centre of the universe, there is now a condominium in construction that will have enough square footage to hold every cranny of your massiveness. The one57.

There are actually two (2!) of these apartments at this price – the 75th floor 13,554 ($7,267/sqf) square foot, and the (for the more refined) 90th floor 10,923 ($9,018/sqf) square foot residence.

I can honestly say that I don’t have the funds to live there.

Buy Condos Where The Financial Districts Are

I’ve picked the wrong profession. Alas, if my mother only wanted me to be a banker and read to me the unabridged version of Scrooge (where he doesn’t feel remorse), I coulda shoulda woulda been rich.

It appears that the majority of the super-rich, the top 0.1% (or top 1/1000), has a propensity to be from the banking sector. This group forms the largest job based income generation of the super-rich. Indeed, it should be hard to be poor for even when you mess up people will still give you $20.3 billion dollars as a reward.

Taking a slightly different story line – both Toronto, Manhattan and Brooklyn have shown tremendous growth in condominium sales, both regular cost (which still can be half a million and more), and the ultra-expensive.

Which makes me think – if the richest group of people are from the banking sector, and they have collectively almost 40% of the nation’s wealth, and they like living near work; then the safest bet for finding condominiums values that will perform better in the overall economy (they still go down in poor times, just not as much) will be in their neighbourhood. This likely explains the current condominium craze in financial centres – where condo sales and cost per foot2/m2 is setting new records, while outside of financial areas condo prices remain stagnant or drop.

We’re entering a new consolidation of wealth – and it will reflect strongly in the housing in the next few years. Condominium prices will perform above average in the financial hearts of the nation.