No wonder prices for luxury and commercial real estate keep rising, despite the stagnant economy.
A recent survey of 149 households worth $5 million or more by Spectrem Group, a Chicago consultancy for asset-management firms, found that 82 percent owned residential and commercial real estate in 2002. That was a jump of 36 percent over the previous year. The chunk of their portfolios devoted to investment properties rose correspondingly to 18 percent from 5 percent.
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