Real Life Flying Car?

Business Week has an article about new technology being used to make real life Potter related items. Invisibility cloaks, Marauder- type maps, even flying cars may not be too far off in the future.
"...company set up specifically to develop something called the M400 Skycar. It can travel on local roads at 35 miles per hour, but its real purpose is to take off vertically from small spaces like parking lots, then cruise at low altitudes at more than 350 mph. The price tag is a hefty $500,000. The company is hoping for approval from the Federal Aviation Administration. If Moller gets the nod from the regulators, it could develop a market for the craft and build enough sales volume to warrant a lower list price (Galleons not accepted -- and Gringotts Bank is not making loans to buyers). "