What rich people are up to as 2010 draws to a close: buying $4+ million apartments. Reminiscing about the days of family compounds. And now, renting! Bloomberg finds that more wealthy folks are renting rather than buying, with 77 new leases above $15,000/month signed in the third quarter this year. That's more than double the number from the third quarter of 2009. Why the shift? Renting's a bargain for the wealthy, too! A 7,700-square-foot duplex at 610 Park Avenue is for sale with an ask of $25.8 million (and that's the reduced price), which would work out to $148,372 with a mortgage payment, common charges, and taxes. But as a rental, the place is only $75,000/month. Rich folks: yup, just like the rest of us!
· Manhattanites Move to Luxury Rentals as Cost Falls Versus Buying [Bloomberg]