U.S. Housing Cools, but Not High-End Manhattan

Some have coined the phrase, "the billionaires are chasing out the millionaires."

And there's another factor that can drive up prices for affluent buyers, something that might not play such a big role for a typical homeowner.

Ego.

"Not only do people at the highest income levels have the ability to withstand and wait things out, they have their ego at stake," Corcoran said.

And in Manhattan, those egos can match the skyscrapers and the sky-high prices.

"There are bigger egos in New York than in most places in the U.S.," said Corcoran "And people like to make a statement and one sure way to make a statement, 'I'm rich, I'm accomplished, I'm top dog, and I got the money to prove it and now, I have the biggest castle to prove it.'"

That $70 million penthouse? It's still on the market. Offers welcome.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: The fake baby a man was carrying as he and another woman tried to sneak into the mother and baby unit at Mercy Medical Center in Merced, Calif., hospital officials said.
Dignity Health Security/Mercy Medical Center Merced
Leopard Cub Chills in a Basket
Odd Anderson/AFP/Getty Images
PHOTO: U.S. Customs and Border Protection officers at the George Bush Intercontinental Airport in Houston stopped a would be smuggler from bringing nearly 7 ounces of cocaine into the country in tamales, Aug. 22, 2014.
U.S. Customs and Border Protection