Academic warns of the end of the American Dream
The long-held core of the American Dream, including owning your own home, is unattainable for all but the richest Americans. That’s the view of Mechele Dickerson, professor of law at University of Texas at Austin, who writes that as wages have remained stagnant for almost 30 years for most Americans, the labor market is unstable and home prices are rising fast.
Dickerson’s article at rawstory.com also highlights decreasing rates of homeownership and says that America is fast becoming a “renter nation.” In addition, debt levels for those approaching retirement are higher and savings are lower than a decade ago.
She concludes that “Downward mobility is now the new normal for most Americans. Upward mobility is now an almost insurmountable dream.”
Penthouse sets new Fort Lauderdale record
Property in Fort Lauderdale is booming with luxury homes seeing particularly strong demand as buyers look for an alternative to the red-hot Miami market.
A recent sale of a 4-bedroom penthouse in the South Tower of the Auberge Beach Residence has set a new record for the area, achieving $8.9 million, beating the previous record by 2 million dollars.
The home has 6 bathrooms, a den and private sun room plus an outdoor plunge pool. Forbes.com’s Jim Dobson writes that the luxury development will comprise two towers when completed with 171 luxury condos. Co-developers The Fairwinds Group says that it is “blazing new territory” in terms of the calibre and location of the development.
In this state you can buy a whole town for $8 million
A town in Nevada is listed for $8 million; that’s an entire town with a population of 350 people. Cal-Nev-Ari is around 70 miles south of Las Vegas and was founded by Nancy and Slim Kidwell in 1965 but Mr Kidwell died in 1983 and Nancy is now struggling to maintain the 500-acre dwelling. The listing is being handled by Fred Marik who says that although there are no paved roads, the town does have fresh water, sewerage and utilities.
“Nashville” producer lists Santa Monica bungalow at $2.2 million
Callie Khouri, the ‘Thelma and Louise’ scriptwriter who is currently running hit TV show ‘Nashville’ has listed her 4-bedroom Spanish-style bungalow in Santa Monica. Realtor.com reports that the 1920’s home with a terra cotta roof is listed at $2.2 million and was given a makeover by interior designer Christina Karras.