Luxury Real Estate Market 1/3 of the Way Back

Palazzo Chupi, Julian Schnabel's superluxurious pink West Village real estate monstrosity, just sold a penthouse for more than $10 million—to a banker! Is this 2007??

Take a look at the servicey Chupi index we ran almost exactly one year ago. It was clear then that the ugly pink celebrity-infested craptower was a great bellwether of the collapse of the high end real estate market. Now it's selling again! So, real estate is back! At one third of its previous value. Max Abelson reports:

Way back in early 2008, when Chupi was still West 11th Street's frothed-over mega-castle, Mr. Schnabel wanted $32 million for the unit...the penthouse, according to a deed filed Friday, just sold for only $10.5 million. That's less than a third of its original tag.

Pity.
[Pic: Flickr]