To get an idea on what it’s like to live in Shanghai, we went condo shopping. We tour a couple of apartments in the development where our friends who took us out to Tang Dynasty lives. The development, located in Pudong, is made up of thirty 26 floor buildings. That’s only phase 1. There are five other phases just as big as the first.
The development is pretty much a self contain community (or city). It’s gated off, with security check at the entrance and a massive four floor common area building that would be mistaken for a community center anywhere else. The development is set up so you don’t ever have to leave home (except to buy food). There are parks, swimming pools, playgrounds, spa, tennis courts, etc. There’s even a golf driving range.
For the price, the condos are not at the same level as what I can get back home. Features that Sarah and I would want, like a gourmet kitchen and big master bath, are not on the most wanted list of most Asian buyers. It wasn’t until I moved up to the $3 million unit that I saw something that look like a real master bath.
The average Chinese worker wouldn’t be able to live in a development like this. Unless they’re members of the new elite working class, it’s simply too expensive. Sixty percent of the residents are expats.
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Thirty 26 floor buildings? Yikes!
That’s 30 26 floor building in 6 phases! That comes out to 4,680 floors of condos. How many condos on each floor John?
Nice! I like how all the cabinetry looks like Ikea already so I could just move my stuff in there no problem.
I think it is IKEA! It felt pretty cheap.
Ikea has some nice furniture. It’s affordable, too.
I wouldn’t mind living on the top floor and throwing stuff at people walking below
In China that would probably get you put in jail for the rest of your life.
John, you plan to buy one?
I’m sure there are a lot better places you can get for $3 million or $1 Million than those. A $3 million home in Canada must look better than those right John?
~Terry
A $3 million home in Canada wouldn’t have an IKEA kitchen!
It depends where in Canada… $3 million in Manitoba will buy you a freakin’ mansion… $3 million in Vancouver… maybe if you’re lucky.
Tell me about it. $3 million in Miami Beach gets you a nice 4-bedroom condo. $3 million 30 miles out (where I live) gets you a mansion on an acre of land.
Three million in Palm Bay Florida gets you a humongous mansion, but there’s not even anything close to that here, maybe over on the beachside though.
I can see a lot of money floating around. Just wondering how they are going to sell all the condos in those 30 buildings. Are there enough expats, or are they really afford them?
Phase 1 is pretty much sold out. They’re now selling phase 2. Condo prices has double in one year in that area.
John what river is that flowing through the complex ( a major one ?) , what did you think of the view from the apartments?
The community looked awesome. The inside of the actual living space wasn’t impressive at all though. Even if I had $3 million to spend, I don’t think I could do it with interior like that. Seriously, why not add another $100,000 to the price tag, and make it look like it cost a few million, lol.
Damn! 2300sq feet for $1.4 Million only!
That is just nuts. The elite class must contain A LOT of people.
lol, you must be the tallest person in the country.
I wouldn’t buy one of these. You are never going to be able to resell it. Chinese apartments (even the most expensive ones) have some serious maintenance issues.
What kind of maintenance issues?
Stunning views great location. John I did not think that the price was to high. Have you priced real estate in New York or Hollywood. It is right in line.
That’s not the most expensive area of Pudong. There are sections that are priced at the same level as the most expensive NY real estate.
hey john i think you have placed wrong link under my name ‘Bob’ in top commenters sectionn…is it me or another Bob!!
Wow what a complex i like the design and the garden i so neat
by the way john have u booked any apartment or not ?
For $3 million I’d buy a huge mansion in Brazil and make it like the house in the movie IronMan.
I live out in no man’s land, so seeing all those buildings that close together freaks me out. And a bath tub next to the window LOL you might be high up but there are some pretty good zoom lenses these days.. =P
You should look at Hong Kong…
A luxury apartment in the city centre will cost around $1,500-$2,000 per square feet. So a 4,000 square feet apartment will be like $5-7 million.
Of course, you get way better quality toilets and kitchens (rather than some cheap IKEA wood)
Stanley Tang
“For the price, the condos itself are not at the same level as what I can get back home.”
don’t think you can get a 2300sq/ft condo in DTvan for that cheap.
Is Real Estate the Most Expensive Plce in china….as it shows 2300Sq ft. for $1.4 million…
I guess some countries like to encourage people to buy their own houses by trying to keep prices low and others do not. Since the 1980′s, here in the UK, the government has been trying to get people to buy property and now most people think that they should own their own home.
I bet that these apartments will still get more expensive. People in China are generally getting richer and that means there will be more people wanting to live in a place like that!
They kind of remind me of the condos here. I’m supposed to move into one soon!
John – Great video, enjoyed it a lot. Can’t wait to see the video of the house that you look at. Thanks a ton for the post!
rg
hmmm. i will spend that money on a bungalow house ( in south asia or south east asia ) rather than spending it in a highly congested place like china!