2min chapter

Crash Course With Michael Walker cover image

How Property Investors Screw Us All w/ Anna Minton [Preview]

Crash Course With Michael Walker

CHAPTER

Do People Live in These Places?

When I wrote Big Capital, I think 25% of properties in Knights Bridge were empty. There was a significant feeling that a lot of the local restaurants and amenities had become much emptier. This phenomenon of lights out London, where you'll go past developments and you can just see that the lights aren't on. It's the same in New York where people buy for speculation and they don't buy to live. But some of the properties probably are lived in. Sometimes you get these very wealthy individuals who may own six homes around the world in desirable locations. They will spend a bit of time every year in them. They'll be lived in occasionally.

00:00
Speaker 2
Do people live in them? How many of these places stay empty? I'm going to buy this house. I know it's going to go up and value the interest. It's going to go up and value at a higher speed than I would get interest if I put this in a bank. I'm going to park it there. You can just sit on it. All of these people also use it. Does their daughter stay there when she goes private school? The difficulties
Speaker 1
is that it's really hard to get a clear picture of this because actually the field work involved in working it all out. These are studies which change all the time and the work hasn't really been done but we do know, at least when I wrote Big Capital, I think 25% of properties in Knights Bridge were empty. There was a significant feeling that a lot of the local restaurants and amenities had become much emptier. This phenomenon of lights out London, where you'll go past developments and you can just see that the lights aren't on. It's the same in New York where people buy for speculation and they don't buy to live. At the same time, I think some of the properties probably are lived in. In fact, I know they are lived in. Sometimes you get these very wealthy individuals who may own six homes around the world in desirable locations and they will spend a bit of time every year in them. They'll be lived in occasionally.

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