According to Fred Wilson, a pure market requires:
Massive liquidity
True price transparency
Open exchanges where anyone can trade
When you have these in place, people feel comfortable trading, a lot.
By this definition, real estate isn’t a true market.
A tower being built on Park Avenue is part of Manhattan’s booming ultraluxury construction business, a trend that is warping the real-estate market and driving up overall costs.
A tower being built on Park Avenue is part of Manhattan’s booming ultraluxury construction business, a trend that is warping the real-estate market and driving up overall costs.