No one has yet come forward to pay the $500m asking price. Still, in the exclusive Bel Air enclave of Los Angeles, builders have started work on a house, which will have a 500 square-metre master bedroom and a 30-car garage and enjoy panoramic views of the Pacific Ocean. On the other coast, penthouse flipping is all the rage in New York City. It is a sign of America’s property craze — and of the risk that the Federal Reserve will repeat its biggest mistake of the past decade.
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