I can't say about the moon or Mars, but I just reurned from Costa Rica and Panama where land and homes have doubled or tripled in the past two years. Americans are throwing money around there too. It is starting to remind me of the stock market in late '99, early 2000.
Yes, probably a acre or two at the most.
My fish ponds are about that size. It baffles me because what would be a high standard of living there (an estate)and very expensive would be nothing out of the ordnary where I live, and at 1/10 the price,-- and the scenery is better.
However, we don't want anyone else coming here and running the prices up, so I must warn you that everyone has VD.
I had a friend that just stopped by from AZ, and said raw land has doubled or more in just a couple of years where she lives. Not sure about Phoenix, but I am sure its the same. People are leaving California with lots of cash from selling their houses. I think my friend is going to move further east now.
Minerva:My brother bought a 2-bedroom apartment (a little over 900 sq feet) last spring for the equivalent of approx USD 330.000!
Here is a comparison for Houston, TX. It is a relatives house that listed today.
1900 sq. ft. brick, 3-2-2- with formals, 1/3 acre, hot tub, deck, trees, fireplace, tile, new central air and heat, large corner lot, clean nice neighborhood, 3-5 minutes from freeway, malls, etc. $120,000.
Now does that make you sick? Move to the south of US. and quit working.
Bonnie: "expensive property here in London went for $65m a year ago, probably the most expensive in the world."
I think the brand new beautiful building that Enron built in Houston, 35 stories or so, never lived in, went for about $65 million in their bankrupt sale. It cost about $135 million to build. I don't see how can a company can compete on the world market with overhead like London and Tokyo? Who cares where a oil, bank, brokerage firm, or shipping companies headquarters are? I also don't see why anyone would want to work for them in such a rat race type of city environment. Color me lazy.
wellab is right, but I think its even worse now. My daughter lives a few miles south of SF on the west side of the bay(Hilsboro). She said a run down house last week, 1500 sq. ft. on a small lot on a busy street (bad) sold for 1.1 million and the asking price was only $750K. They now have bidding wars over and above the asking price. Since the house was probably a tear-er-downer, that means the lot was most or all of the price.
It's no place for me, I like more for my bucks, and refuse to be a work and worry slave just for a place to live. -- However, a couple of cute belly dancing slave girls would be just fine.
...Minerva u r right....that is why we get along very well....LOL... we are not stingy and we spend a lot of money and we get broke....LOL... If we could earn the some thing and live in California we would be millionaire.... LOL...who cares we live in friggin Lux but we are cute as a ....LOL... cucumber...NOOOOOO... like a cherry pie...LOL...
. What do the people do, rob banks daily? I can't imagine a city trying to compete in any way on the world market with such overhead.
Well the average Brit who is a teacher/fireman/nurse or called the 'necessary services' will live in subsidised housing..otherwise the average white collar worker even top and mid management people will commute and live outside London , same as in Tokyo hence 'commuter belt ' properties near transport centers are expensive too..and the average guy travels at least an hour or more to work in the city as in NY and all other American major cities..
In Japan they have two-generation mortgages, since inheritance tax is 90% and they could never hope to own their own property in one life time without help from their parents..
The most expensive property here in London went for ?65m a year ago, probably the most expensive in the world..and in Tokyo my daughter's international school located in the heart of prime land would have cost the whole of CAlifornia to buy at the peak!
There are phenominally wealthy people around and they do buy up the best and most expensive properties in the world..except they keep very low profiles..you would meet them if you do the work I do..
yes the prices here meant that all the professionals also charge ridiculous rates ..that is legal legitimate robbery..
...yes, everything is fine but...when i read the figures u write i think Europe is way too expensive... the cost of living itself is very high!! Luxembourg being a tiny country but in the center of Europe is terribly expensive even for food... and when i hear someone complaining for a phone call ...well i just turn the page... I m not a gold digger but i am not prepare to entertain a man... sorry in this case i prefer to be alone ....
I knew that London and Tokyo were like that, but didn't have any actual data. What do the people do, rob banks daily? I can't imagine a city trying to compete in any way on the world market with such overhead.
It has never ceased to amaze me how some people will live in the heart of San Fransisco, and pay $3,000 USD/month rent so the can live in a tiny apartment, that has bars across the front entry way to prevent burglars. They could live here in Calgary and rent a house for $1500/mo. Canadian and have a beautiful grassy yard with trees!
Try living in London and Tokyo Sharp.. London for US500,000 will buy you a garage for your car in prime spot and in Tokyo at its peak an apartment of 2000 sq ft in earthquake ridden airspace in prime spot in 1990s when I was there was US21 million (not the entire block just that apartment!)..even the waste paper basket you have in your study cost US100 per month in rent to occupy that one sq.ft floor space...that same apartment came down to US7m. when I left..at the deepest recession all in 6 years...
Here is another interesting thing about money and how much you need to live well.
It depends on where you live.
A 3000 square foot house in many of the cities in America might cost 200k-300k. In many areas in California, 2-3-6 million. On the California coast, you need to make 100-200k per year to live a average life. Other places, 50K will allow you to live the same lifestyle, or maybe even better.
My conclusion. Big bucks may buy you nothing, but a change in your location may buy you a lot.
2000% is a wonderful profit, but maybe its time to put some in a safe place. I love timberland for a long term safe investment. Believe me, I have lost money in more ways you can count, from stock that has gone completely bankrupt,worth 0 dollars, mutual funds that go nowhere, etc. Never in real estate, however, and the best of those may be timberland with commercial potential. Worth investigating for the safety part of your portfolio.
ps, my son in law was a top rated stock analysist for one of the huge brokerage firms with his expertise being hi-tech.
Still lost big bucks, no one saw it coming. Of course, he couldn't invest in the stocks he covered, but they crashed also. I had rather go to Vegas to gamble, at least cute chicks and free drinks. lol.
Well, at least your ex didn't have my shoe problem--I probably have a 100 pair. Probably can't even find the matches I am so disorganized. Socks either. You should have kept him, you would have all of the closet space. lol
Sharp, I agree with "Meanwhile, I think they forget to enjoy life along the way". I have one friend that is a perfect example of that. He rich, and in cash, because he is not a investor, but he is a penny pincher bar none. He could buy anything he wants but rarely will spend a penny on himself. In his case, its really a sickness, and he even knows it, but cannot change. I really do know one multi-millionaire that own millions in property and lives in a trailer house worth about $2000. Again, its a sickness that he has. I could give you a dozen such examples within 5 miles of where I live.
And, yes, even the superrich has to be careful, especially the investors and CEO types. Just look at the people who have gone from rich to rags and even to prison lately. - World Com, Enron, etc. Many stock market investors went down with them. I bet my daughter and her hubby lost close to a million on the stock market. Maybe someone with just a good steady job that don't work all the time might be better and safer over the long term. Don't pick a gigolo like me, work is too hard to find. lol
What do you really want, a millionaire, or someone that spends their money? There is a big difference. Most of the big spenders I know, don't have money at all. However I know many millionaires and very few really spend money. A few live in trailers, run down houses, average houses, old cars, etc. but own millions of dollars in land, timberland, or other investments.
In addition, rich or even middle class people that are still in investment mode are usually cash poor. They are always investing any cash they have.
You need to understand the breed. You may not want one. Most of the millionaires that spend a lot of money are probably super rich, or didn't earn the money-often inherited rich. This generality probably don't hold true for the dot_com types who lucked out with some high tech job with stock options.