Re:Is Denver housing market failing? Borrowers need $90K in ...
by user5994461 on Wednesday February 28, 2018 @03:18PM
(#16486411)
£1m is a few bedrooms flat, less than one hour from the center. I wouldn't call that a luxury apartment but it's certainly beyond what the median will afford in their lifetime.
Re:Is Denver housing market failing? Borrowers need $90K in ...
by AnimalMuppet on Wednesday February 28, 2018 @12:59PM
(#16485064)
Do you have any reason to think this is the case in Denver? Or are you just saying that it's happened in enough places that it seems reasonable to suppose that the same thing is happening here?
A lot of high end London property is empty, bought by foreign investors who are more interested in bubble income than a place to live.
It's a similar story in other cities around the world - including obscure places you might not expect to have a property bubble. As soon as there's a hint of upward price pressure, investors pile in and the bubble begins.
London's high end bubble has popped now, and there are literally thousands of >£1m apartments lying empty, slowly dropping in price until they become affordable or - more often - the company that owns and/or built them goes bankrupt.
https://www.theguardian.com/business/2018/jan/26/ghost-tower...