One of the hottest real estate markets in the last couple of years has been condominiums. More than a million condominiums are sold in a single year and made the owners nouveau riche. Nouveau riche (French for “new rich”), or new money, refers to a person who has acquired considerable wealth within his or her generation. This term is generally to emphasize that the individual was previously part of a lower socioeconomic rank, and that such wealth has provided the means for the acquisition of goods or luxuries that were previously unobtainable.

Of course, the market for single family homes is also strong, but the condo market has become a great alternative to a traditional single family home. Condos are an affordable alternative for many buyers that are having a difficult time investing in a single family home. But not all condo purchases are made as an entry level sale. There are a number of buyers that are looking for luxury condos.

Condo prices have kept pace with housing appreciation levels of other traditional homes. In some cases, condos are just as expensive as other single family homes. So clearly it isn’t merely a matter of affordable pricing that is making condos attractive to buyers. It’s the convenience of a low maintenance home combined with great location.

There are some success people in this business. One of them is Claude Leglise, a venture capitalist with W.I. Harper, a San Francisco-based firm that specializes in Chinese startup investments and recently backed Chinese home improvement website HomeE. They are decorating and remodeling like crazy. Now they are Nouveau riche.

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