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...Similar scenes are draped across most of the city's 138 sq. mi., yielding a landscape that bears a closer relation to a postapocalyptic nightmare than to the prosperous and muscular place I remember. The City of Homeowners, some called it, a city with endless miles of owner-occupied bungalows and half-capes and modest mock Tudors that were the respectable legacy of five decades of the auto industry's primacy in the American economy and Detroiters' naive faith that the industry would never...
...part, Detroit must address the fact that a 138-sq.-mi. city that once accommodated 1.85 million people is way too large for the 912,000 who remain. The fire, police and sanitation departments couldn't efficiently service the yawning stretches of barely inhabited areas even if the city could afford to maintain those operations at their former size. Detroit has to shrink its footprint, even if it means condemning decent houses in the gap-toothed areas and moving their occupants to compact neighborhoods where they might find a modicum of security and service. Build greenbelts, which...
...stunning $38.7 million each. If the developer, Sun Hung Kai, finds buyers at that price, the three-level penthouse dwellings, perched atop the 93-storey Cullinan towers with sweeping views of Hong Kong's harbor, could well qualify as the world's most expensive apartments. More than 4,000 sq. ft. in size, the apartments, which are still under construction, are selling for $9,677 per sq. ft. That's considerably above the $6,000-per-sq.-ft. price that top-end London flats were fetching in early 2007, when that city was reputed to be the world's priciest...
...growth in China, is recovering quickly. Just last week a penthouse apartment located in a new tower built not far from the Cullinan in Hong Kong's Kowloon district sold for $3.16 million. That may not sound like much for an upscale address, but the apartment has just 590 sq. ft. of useable space - meaning the buyer paid $5,356 per sq. ft. of living area...
...high liquidity and a tight supply of new apartments could fuel irrational exuberance. Churchouse says: "I could easily see this market developing into a bubble, but it's not a bubble yet." That should be of some comfort for the buyer who just paid $3.16 million for a 590 sq. ft. apartment...