‘You can’t lose money in real estate’ – until you do.
The demise of the Manhattan house price bubble has a new and beloved for-instance.
Standup comedian and actress Amy Schumer is a total hoot on stage. And she’s a raging success. So it would have been nice if she could have made some money on her Manhattan co-op that was billed as a ‘penthouse.’ But it looks like she ended up in the hole. Manhattanites, even funny ones, are now once again finding out, along with home sellers in certain other trophy cities, that ‘you can’t lose money in real estate’ – until you do.
Her 850-square-foot 1-bedroom apartment occupying the entire top floor of a historic 20-foot wide townhouse – so this is not exactly a palace – at 129 West 80th Street near the Museum of Natural History went into contract on December 23, as reported today by Dow Jones unit Mansion Global:
This post was published at Wolf Street by Wolf Richter ‘ Dec 27, 2016.