Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
Wednesday, June 11, 2008
Abu Dhabi Sovereign Wealth Fund Looking to Buy Chrysler Building
An Abu Dhabi sovereign wealth fund is in talks to buy the Chrysler Building in a deal that would be worth about $800m, adding to a recent burst of interest in prime New York real estate from foreign groups....
The price mooted for the Chrysler Building would be more than double the site’s value seven years ago – an indication of the continued strength of New York commercial property in spite of the credit crisis....
The 77-floor, 1,046ft building was built in 1930 for Chrysler, the car company, and designed with the aim of making it the world’s tallest man-made structure, overtaking the Eiffel Tower. But it held that title for only a short period, with the Empire State Building replacing it in the record books the following year.
Chrysler no longer occupies the 1.2m sq ft property. But its tapered steel roof ensures that the skyscraper remains one of the most distinctive features of the Manhattan skyline.
The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
The Financial Times reports:
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