The Priciest Real Estate? Hint: It's Not New York

To most people, New York City has become an otherworldly real estate market. It's the town where a skyrise condo just sold for more than $50 millionâ??and it was only that cheap because it was raw space.

But to the global rich, New York is a bargain.

A new report shows that on a per-square-foot basis, New York is half price compared to some other favorite cities of the rich.

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