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Daily Real Estate News  |  November 22, 2010  |   A Bullish Sign for New York Real Estate?
Hedge fund manager John Paulson, who successfully predicted when the housing bubble would burst, has purchased a two-bedroom apartment in a luxury condominium on New York’s Fifth Avenue, across from Rockefeller Center and St. Patrick’s Cathedral.

Paulson paid $2.85 million, 23 percent below the $3.7 million listing price in July 2009.

The fund Paulson manages had about $2 billion under management in 2005 when it bet against the housing bubble by purchasing derivatives that provided protection from falling home prices. In 2007, the firm made $15 billion from this strategy.

Does Paulson’s current purchase suggest he thinks the housing crisis is over? The Prudential Douglas Elliman associate who sold the apartment refused to comment. A spokesman for Paulson also refused to say anything.

Source: The Wall Street Journal, Craig Karmin (11/20/2010)

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