And you thought Denver was expensive

Yes we have all read the headlines including one of the nation’s hottest markets, record average prices and so forth. While hard to believe Denver is still much cheaper than many coastal cities. Being licensed in New York I too watch the real estate market in Manhattan and am well aware of the $100M sale of an apartment at 157 West 57th Street as well as $50M+ sales along Billionaires Row. Of note not all is rosy in the ultra luxury segment of Manhattan Real Estate: http://www.businessinsider.com/foreclosures-at-one57-new-york-billionaires-row-2017-6. 

On a recent visit to Hong Kong I visited the Engel and Voelkers Hong Kong Shop located in Mid-levels, a mixed use neighborhood of apartments and neighborhood oriented commercial located above Central (the Central Business District) and accessed via one of the world’s longest escalators (which run up the hill most of the day with the exception of the morning rush when they run downhill). While I was flabbergasted to see listings for 400 SF flats with asking prices over $1M USD, what caught my attention were the recent sales in a neighborhood called The Peak.

The Peak aka Victoria Peak is the most prestigious neighborhood in Hong Kong and many would argue in the world. Located above the hustle and bustle of Hong Kong The Peak neighborhood is home to a limited supply of single-family and apartment homes most offering jaw-dropping views of the Hong Kong’s truly iconic skyline and across the water to Kowloon.

The exclusivity and prestige of The Peak seriously cannot be matched even in a city where land is literally reclaimed from the sea. British and other Europeans first settled the Peak in the 19th Century; the elevated location providing a natural respite from the Hong Kong summers. If visiting Hong Kong, a must-visit is The Peak Tram. For a sample of what views you may enjoy: As seen from Victoria Peak.

Now for prices: In June 2016 an under construction home measuring  9,212 SF sold at 15 Gough Hill Road. The closing price HK$2.1Billion or USD $269,180,730.00, yes over $269M or just over $29,000 PSF based on present exchange rates.

Granted, # 1 & 3 Pollack Path considered a more prestigious street did have a sale in January 2016 recorded at HK$2.8 Billion or USD $358,907,640.00 however with 51,000 SF this was considered a bargain at just over $7,000 PSF and consists of 8 units (word on the street, possible conversion into a single family home).

So the next time you feel Denver is becoming over-priced just be glad you are not in Hong Kong searching for a home. If considering a visit to Hong Kong, an easy destination to visit, no visa required and English is widely spoken (from Denver one-stop options via United through San Francisco, Chicago and Tokyo) be sure to visit the Hong Kong Tourism Board and download their excellent apps. Of course if you find yourself considering real estate in Hong Kong, contact me as I can provide a referral to my peers in the local Engel & Voelkers Shop.

Of note when visiting I usually stay at The Renaissance Harbour View in the Wan Chai neighborhood adjacent to the Hong Kong Convention and Exhibition Center. On this most resent visit I stayed at the JW Marriott within Pacific Place, a mixed-use development of luxury hotels including and adjacent to The Upper House (be sure to dine or at minimum have a cocktail at Cafe Gray), Island Shangri-La, Conrad Hong Kong, office and a luxury retail mall (including a beautiful Shanghai-Tang store) all connected to the Admiralty MTR Station.

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