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No wonder prices for luxury and commercial real estate keep rising, despite the stagnant economy. A recent survey of 149 households worth $5 million or more by Spectrem Group, a Chicago consultancy for asset-management firms, found that 82 percent owned residential and commercial real estate in 2002. That was a jump of 36 percent over the previous year. The chunk of their portfolios devoted to investment
June 1, 2003
Rorie M. Sherman Editor in Chief
No wonder prices for luxury and commercial real estate keep rising, despite the stagnant economy.
A recent survey of 149 households worth $5 million or more by Spectrem Group, a Chicago consultancy for asset-management firms, found that 82 percent owned residential and commercial real estate in 2002. That was a jump of 36 percent over the previous year. The chunk of their portfolios devoted to investment properties rose correspondingly to 18 percent from 5 percent.
A general move to real estate began when “people started to realize the myth of the Internet tech bubble,” says Stuart Siegel, president and chief executive officer of New York-based Sotheby's International Realty, whose average residential sale i...
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