Last October, we got some heartening news: should Bill Ackman's hedge fund career fail to take off, the Pershing Square founder has a back up gig flipping condos. "I thought it would be fun," Ackman told the Times of buying a $90 million apartment at luxury development One57. "So myself and a couple of very good friends bought into this idea that someday, someone will really want it and they’ll let me know." And while some naysayers in the industry, threatened by having the young upstart move in on on their turf, would just loooove to see this whole thing blow up in his face, the word from Bloomberg is that it might actually work out, sooner rather than later.
Owners of Manhattan apartments are reaping fast returns when they sell in short time frames, benefiting from a market starved for listings that are within reach of non-millionaires. Buyers of condos in 2012 who resold their units in the second half of last year saw a 37 percent gain on average, according to an analysis by CityRealty.com. Those who purchased condos in 2013 and sold within the same six-month period had an average return of 22 percent.
Start figuring out how you're going to work an extra hour of TV into your schedule each week now, because the inaugural season of HGTV’s, Flip or Flop: Billionaire Edition appears to be a forgone conclusion.