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Monday, May 21, 2007

Overpriced, Overpayed, Overvalued

A European citizen has paid a whopping $25,000/sq. meter for a total of USD $9,000,000 to own an apartment in the Jerusalem ghost town of Mamilla.

The Mamilla project is currently being expanded by another 38 apartments due to the demand by American and European holiday visitors for a home in that neighborhood.

The Mamilla complex is generally empty for most of the year as home owners only vist for a week or two during the various holiday seasons - when they don't stay at a hotel instead.

Asking/Selling prices in the existing Mamilla complex are known to have reached only as high as USD $10,000/sq. meter (though rumor has it one homeowner is asking as high as $15,000).

Talk about being taken.

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