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World's most expensive residential real estate sale?

      Although recent media attention has focused on the ups and downs of single-family residential housing south of our border this recent sale shows investor confidence in residential real estate.  This sale may actually be the world's biggest real estate deal to date ! Tishman Speyer offered MetLife $5.4 billion for Manhattan's Stuyvesant Town - an 11,000-unit, 110-building multifamily complex housing about 25,000 people.

You may be thinking what's this got to do with London Ontario real estate ? Well, my answer to this would be that the type of people who paid $5.4 billion for residential multifamily real estate have resources for research that you and I most likely do not have.  And if they see the future for residential multifamily units as being positive who are we to argue ? At the very least it gives one pause for reflection.

Hey I may not have any $5.4 billion properties in my pocket but if you're looking for an investment property be it a duplex or a larger apartment building give me a shout and we can talk Cap Rates !

In the past I owned a number of investment properties which I sold prematurely as a result of time restrictions due to having two jobs, twins who were having medical problems , and a partner who became greedy and unbalanced.

I mention the above for two reasons 1.  To indicate that not only do I have experience in selling properties for other people but in buying and managing for myself .  2.  So you can learn from my misfortune, the point being that if I still owned those properties which I sold approximately 19 years ago I would be able to retire at this early point in my life and comfortably live off the income from my investment properties.

And if by chance you do have $5.4 billion kicking around to invest I will work real hard to find you an appropriate investment property.

Cheers for now, I look forward to talking to you soon!


Published Sunday, December 2, 2007 5:26 PM by Jim Straughan
Attachment(s): Stuyvesant.jpg


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