Posted on 07/03/2012 9:46:16 AM PDT by SeekAndFind
The Burj Khalifa—currently the tallest building in the world and a landmark on the Dubai skyline—was lauded for its luxury apartments and deluxe amenities when it opened in 2010.
But the building has been a huge flop with investors, and real estate prices there have plummeted from highs of $2,450 per-square-foot to around $721 per-square foot, the Wall Street Journal's Tahani Karrar-Lewsley reports today.
Investors called the building "distressed" back in February, bringing to mind other super-ambitious real estate projects that have failed in the emirate in recent years.
The Burj, which has 903 residential apartments, opened at a tough time, as other luxury high-rises were launching in Dubai and as the global economy went into a tailspin. The building's heavy security, long elevator trips and high service fees have also been a turn-off for prospective buyers, Karrar-Lewsley writes.
Even so, the developer told the Journal that the building is more than 80 percent occupied. And an investment-sales consultant interviewed by the Journal said he was confident that prices at the Burj would eventually climb, "but no one can say when."
(Excerpt) Read more at businessinsider.com ...
Very nice do they allow Jews to buy space? If not that might be the problem. I wouldn’t want to live in a bulding with out Jews!
Ironically, many Jews (or people of Jewish descent) might be able to afford to buy space there.
Think of billionaires like Michael Bloomberg or Mark Zuckerberg.
The interior decor looks pretty cheesy.
Most of Dubai is pretty cheesy. That said, at least you can usually find a cold beer in one of the hotels.
Gaudy is the word that came to my mind.
Perhaps the obamas would feel at home there.
Um, isn’t that last one from the Sears Tower?
gimcrack
ruff
tripe
tacky
gilded
cheesy
rubbishy
chintzy
garish
trashy
cheap
brassy
meretricious
tinny
gaudy
flashy
tatty
crummy
bunk
tawdry
hokum
sleazy
brassy
Part of the problems are "The building's heavy security, long elevator trips and high service fees"
How can the project be described as a "flop" if there is 80% occupancy? This place is not exactly affordable by 99.999% of the planet. How does heavy security discourage buyers? Cost? Intrusiveness?
What's a "long elevator trip?" Two minutes? Three days? What?
I know that if I need to ask, I can't afford it, but nevertheless, what are "high service fees?"
As additional idle speculation, certain details of the project have never been divulged. This is not limited to security related matters.
How is water pressure maintained to the highest useful floors? What is the water source?
What precautions are in place to guarantee electrical service under all circumstances? How many floors must a resident or occupant walk down under "everything has failed" conditions?
How many potential (lucrative) hostages are available for the inevitable koranimal atrocity? Even Mecca was attacked occupied and major damage done to it (1979, look it up), so no place is truly safe so long as koranimals are about.
When (not if) islam finally self-destructs (there is no shortage of the insane ayatollahs trying to do exactly that) this building in the middle of the desert, with insanely vulnerable water supply and sewage treatment plant run either by rich apes or rich-but-very-nervous foreigners will stand alongside the Sphinx, Angkor Wat, Tenochtitlan and Machu Picchu. Puzzling, megalomaniacal irrational monuments to self-destructive cultures.
Ya think?
You got to remember we're talking about a culture where, just a few generations ago, the future king literally was riding camels and carrying his entire wealth in a ragged bag; and who, when meeting with Roosevelt aboard a warship, brought his own tent and carpets, and tried also to bring 60 goats aboard.
What's the surprise?
Most of that is just ugly. Wealthy looking and clean looking, but ugly.
As for Dubai, who on earth would want to live, work, or visit there? Not me. I’d get arrested for having a Bible on me, no doubt.
It would be one heck of a commute to anyplace I could get some decent BBQ...and it looks like it would be living inside somebody’s bad acid trip.
Check this one out.
Oil creates an alternate reality...
Check this one out.
Oil creates an alternate reality...
That being said, Dubai used to be a great place to spend a few days. Great hotels, restaurants and some good shopping. Way better than Bahrain. For night clubs I used to go to the Irish Village on the backside of the tennis stadium, the Rock Bottom Cafe.
This is where I used to stay. The hotel was only one room thick so every room had a water view. Incredible pools and the nicest gym I've ever been in.
I must have poor taste. I thought the interior looked beautiful (though decadent).
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