Arbitrage

Home sales in Singapore have collapsed by 20% since the government imposed a punitive stamp duty on condo flippers last month – but don’t worry, sez Pravda, they’ve “stayed buoyant” and were “higher than expected”!

In related news: for $250k USD, you can have a 2000 sqft 3br/2ba house in Florida on a half-acre block, three blocks from the sand in Vero Beach. …

… or you can have a 700 sqft 2br/2ba concrete-block apartment, right next to the freeway in the depths of outer-suburban Bedok, with a day-glo orange kitchen that looks like it hasn’t been painted since the building was completed in 1977. (Side note: how on earth do you fit two bedrooms and two bathrooms into a 700 square foot apartment?)

Oh, and by the way, it’s a 99-year leasehold with about 65 years left to run.

Hmm.

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