WSJ Real Estate on Twitter
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Since the start of Covid, buyers have poured billions of dollars into property in Palm Beach, with at least 22 sales north of $40 million, two exceeding $100 million and ~35 deals over $30 million. More from @WSJ's @KathyClarkeNYC+ @ebsolomont: https://t.co/JrIqIs79Wr— WSJ Real Estate (@WSJRealEstate) July 23, 2021

I can't fathom why anyone would overpay for these properties when climate catastrophes loom- especially for hot coastal regions. They'd better hope they can flip it to a bigger sucker before that beach is underwater.

  • ZestyDwarf [he/him,comrade/them]
    ·
    3 years ago

    they'd better hope they can flip it to a bigger sucker before the beach is underwater.

    I have a suspicion that the increase in sale is just that. These people are the bigger suckers, and the og owners have cashed out in time.

    • Speaker [e/em/eir]
      ·
      3 years ago

      The trick is to keep inflating the tech bubble to prop up the housing bubble. As long as the same 45 white guys keep needing houses to spend money on, it can't fail! Marking the value of your own assets is how you know you've got real money.