Localización, localización, localización, and we can get you
there in a '53 Chevy, Bebe;
HAVANA, Cuba—Listed at $1.2 million, the penthouse has broad
terraces, marble floors and stunning waterfront views stretching from
the Darth Vader-style Russian Embassy to Meyer Lansky’s old Riviera
hotel.
That might seem pricey for a Communist country whose
average worker earns around $20 a month. But owner John Jefferis, a
57-year-old hotelier from Bermuda, says his target buyer belongs to a
different demographic altogether.
Foreigners who made fortunes in capitalist countries; that
demo.
“There are very few apartments that can be legally purchased by
foreigners, and when there’s a limited supply of something, usually
there’s a premium for the price,” says Mr. Jefferis, who adds that
jet-setters like his expat neighbors here can probably afford to
splurge. “It’s not their first or second or third home, put it like
that.”
What does it take for the universal laws of economics to finally
will out?
The economic woes of Cuba’s latest patron, Venezuela, have given new
urgency to the search for a financial lifeline from abroad.
Another socialist country running out of other peoples' money, that's what.
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