Dr Dooms buying Manhattan property
South China Morning Post, Hong Kong's English daily, reported the following:
1. Nouriel Roubini and John Taylor, the Dr Dooms of the financial world for all their pessimistic predictions, have bought property in Manhattan. Roubini, a New York University professor, bought a $5.5 million condo. John Taylor, who runs hedge fund FX Concepts, also bought an apartment. Meanwhile, John Paulson, who earned $15 billion for his firm in a year and is amongst the world's billionaires, bought a $2.85 million apartment at Olympic Tower on Fifth Avenue.
2. Wall Street's optimism is driven by a much larger bonus pool in 2010.
3. On a global context, Manhattan property is cheap. A 3000sf luxury apartment in London would cost $7.5 million, while in Hong Kong, $5 million. A New York apartment of that size would be $4.5 million.
If the Dr Dooms are buying, it must be good for Manhattan?