luxury condo investing?

A couple of my investor friends have been investing in luxury condos.According to them, its just like investing in regular bread and butter homes except they cost 10 times more and apparently the profit is also 10 times more.

While that may be true, the payments are also 10 times higher, the rents are horribly negative and it seems to me that all the condos are being snapped up by investors. The risk of blowing up [to steal a stock trading term] seems very high. plus the build-out times are sometimes 18-24 months so you have to be careful that the market won’t turn by the time the condo is complete.

But there’s a few really cool websites devoted to luxury condos and lofts. is one of them. its very cool.

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