What the most expensive U.S. home sale says about real estate. The news last week of billionaire hedge fund manager Ken Griffinâs purchase of a 24,000-square-foot, $238 million penthouse in New Yorkâthe highest amount ever paid for a single transaction in the countryâwas more than just fluff. Fox Business wanted to know whether such a large purchase speaks to the continued power of property investment, to which NAR Chief Economist Lawrence Yun responded: âPaper wealth doesnât show; real estate does.â Historically, the article notes, the best ways to accumulate wealth are to invest in either the stock market or real estateâand given current volatility on Wall Street, real estate may be a safer bet. âReal estate, in the long run, has provided very good returns,â Yun said, adding that Griffin's Central Park home could easily double in value in 15 years. âAmerica is the most secure place in the world.â |
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