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Vikram Pandit's $18 million purchase of an apartment

Amit writes about Vikram Pandit, the new CEO of Citigroup and mentions Pandit’s purchase of an apartment near Central Park for ~$18 million in September 2007.

…..he (Vikram Pandit) and his wife Swati reside at Central Park West and 81st Street , an apartment he purchased from the late actor Tony Randall for $17.85 million in September 2007. The 10-room apartment has 20 windows facing Central Park.

It is indeed fairly interesting that a guy who is known to be a very decisive – carefully at that – would really purchase something bang in central NY at that time when the prices are high.  But then again, at times its the Quality of life issue.  This was a time when this apartment was going on sale.  It may not have happened when the prices were low, and he doesn’t seem like the kind of person who would want a rental agreement. Perhaps they would be happy to rent out an apartment and write up those agreements, but not to accept them for himself. But there are plenty of other factors to consider when it comes to such a purchase. Because of the market as it is right now, many people are finally looking to sell these prime real estate locations when before they would have been reluctant to do so. So, at that time when the market was lower it could not have been there to buy at all!  Therefore, the question is: does high & low of real estate really affect the prices of real estate that combine convenience, high living and quality of life?  My answer is NO.