$1 Million for a Stupid Closet!

New Yorkers often complain about real estate prices in Manhattan, and they are about five times higher than average U.S. home prices. But even Manhattan prices are a bargain compared to much of Europe. The Wall Street Journal reports that the world's priciest real estate at $5,408 a square foot is in Monaco, followed by Cap Ferrat in the south of France at more than $4,800 a square foot, and London at $4,534 a square foot. According to the Journal, New York is in 17th place in the world at $2,161 a square foot. The Journal notes that a 200 square-foot closet in Monaco would cost about $1 million. blogs.wsj.com

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