Doing some more thinking about this so-called real estate "bubble" we alluded to yesterday, we stumble upon word that Busta Rhymes has re-listed the Tribeca condo he purchased in May for $875,000... for $1.275 million. A $450k price jump in two months?up 27.27% every 30 days! At this rate, the place, described by the NYT as the ground floor condo at 11 Vestry Street, will be worth approximately $11.8 million by next April.
The sheer audacity of Busta's price jump prompts us to offer a new measure for real estate appreciation: The Rhymes Index. Henceforth, 27.27% monthly growth shall register 1.0 on the Rhymes Index. Sally forth and spread the word.
· Sales of Existing Homes Set Record in June [Boston Herald]
· Housing Bust: It Won't Be Pretty [NYTimes]
· The Perils of Predicting Financial Bubbles [NYTimes]
· Busta Rhymes, Brooklyn Real Estate Kingpin [Curbed]