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Richistan Home Prices Continue to Soar
$50 million is the new $30 million, says Glenn Roberts over at the Inman News Blog–especially when it comes to high end luxury homes.
Citing a 2007 Mid-Year Luxury Report by Stribling Private Brokerage, Roberts explains how just a few years ago, even a rumor of a $30 million real estate sale in Manhattan would create big buzz. But since the sale of a $53 million property there in late 2006, prices have leapfrogged into the $50 millions.
This enormous inflation at the top tier of the real estate market is occurring across the country–from San Francisco’s $55 million fixer, to Donald Trump’s $125 million estate in Florida to Tim Blixseth’s $155 million estate offering for his 53,000 square-foot estate in Bozeman, Montana.
I couldn’t resist responding to Glenn’s article:
We are seeing a similar phenomenon in the San Diego’s luxury end of the real estate market. Late last spring, a Del Mar oceanfront estate was sold at $48.15 million–setting a California record.
Now, just listed, is another 5.5-acre Del Mar oceanfront estate with a price tag of $76 million.
Inflation in Richistan continues to amaze!
Other articles of interest:
Breaking All Barriers: Luxury Homes Reach Nine Figures
United States a Bargain for $1Million Homes?
Ultra-Luxury Home Sales to Soar in 2007?
August 23rd, 2007 at 8:05 pm
Roberta, that is fantastic. The Luxury market sounds as though it is doing great. Of course, it doesn’t surprise me. You are so in tune with the Luxury market in Del Mar.
-Gena Riede
August 23rd, 2007 at 8:53 pm
Gena: Thanks!
The luxury real estate market in Del Mar is alive and kicking. As noted elsewhere, the prices are leapfrogging in several key markets, including San Diego, Manhattan and San Francisco. San Diego, though, seems to be in the lead. Manhattan jumped from the $30 millions to the $50 millions.
San Diego and Del Mar jumped from the $40 millions into the $70 millions.
It helps to have no hurricanes, snow storms or weather extremes. San Diego and Del Mar real estate are as close to heaven as one can get!
August 29th, 2007 at 8:54 pm
It seems incredible that people can spend that kind of money on a home? Our luxury market is $1mil and tops around $3mil. Park city and Deer Valley are another story.
I’m still going to take you up on some guidance on getting into that market. I need to get a few more things under control on my blog and then I’ll be ready. I can’t think of a better source than you.
August 30th, 2007 at 6:52 am
Keith: The top tier of the luxury home market also tends to congregate in “collectable” areas. Hence, the draw of Park City and Deer Valley for luxury home builders.
How is the $1 to $3 million home market in Salt Lake City? Still moving?
Call me at 760-942-9100 when you are ready to chat!