Condo Shopping in Shanghai
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 live. 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 itself 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.
- Posted in Investing, The Net, Videos
- 37 comments what's your take?
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Thirty 26 floor buildings? Yikes!
Reply to this commentThat’s 30 26 floor building in 6 phases! That comes out to 4,680 floors of condos. How many condos on each floor John?
Reply to this commentNice! I like how all the cabinetry looks like Ikea already so I could just move my stuff in there no problem.
Reply to this commentI think it is IKEA! It felt pretty cheap.
Reply to this commentIkea has some nice furniture. It’s affordable, too.
Reply to this commentI wouldn’t mind living on the top floor and throwing stuff at people walking below
Reply to this commentIn China that would probably get you put in jail for the rest of your life.
Reply to this commentJohn, you plan to buy one?
Reply to this commentI’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?
Reply to this comment~Terry
A $3 million home in Canada wouldn’t have an IKEA kitchen!
Reply to this commentIt depends where in Canada… $3 million in Manitoba will buy you a freakin’ mansion… $3 million in Vancouver… maybe if you’re lucky.
Reply to this commentTell 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.
Reply to this commentThree 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.
Reply to this commentI 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?
Reply to this commentPhase 1 is pretty much sold out. They’re now selling phase 2. Condo prices has double in one year in that area.
Reply to this commentJohn what river is that flowing through the complex ( a major one ?) , what did you think of the view from the apartments?
Reply to this commentThe 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.
Reply to this commentDamn! 2300sq feet for $1.4 Million only!
Reply to this commentThat is just nuts. The elite class must contain A LOT of people.
Reply to this commentlol, you must be the tallest person in the country.
Reply to this commentI 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.
Reply to this commentWhat kind of maintenance issues?
Reply to this commentStunning 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.
Reply to this commentThat’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.
Reply to this commenthey john i think you have placed wrong link under my name ‘Bob’ in top commenters sectionn…is it me or another Bob!!
Reply to this commentWow what a complex i like the design and the garden i so neat
by the way john have u booked any apartment or not ?
Reply to this commentFor $3 million I’d buy a huge mansion in Brazil and make it like the house in the movie IronMan.
Reply to this commentI 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
Reply to this commentYou 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
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I’d love to visit, but living there is wayyyy out of the question. Real Estate is where they make their money, I take it!
Reply to this comment“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.
Reply to this commentIs Real Estate the Most Expensive Plce in china….as it shows 2300Sq ft. for $1.4 million…
Reply to this commentI 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.
Reply to this commentI 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!
Reply to this commentThey kind of remind me of the condos here. I’m supposed to move into one soon!
Reply to this commentJohn - 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
Reply to this commenthmmm. 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!
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