What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
The Rush on Homes Priced $50 Million and Up
✉️ Want to forward this article? Click here.
Copper Beech Farm in Connecticut sold for $120 million last year.
There has been a notable increase in homes sales in a very small corner of the U.S. real estate market: Properties worth $50 million and up.
Marketwatch reports that the sales of homes priced between $50 and $99 million increased from just three in 2013 to a whopping 22 in 2014. The sales volume for these uber-luxury homes in 2014 was higher than the previous 10 years combined.
Home sales between $10 and $49 million shot up, too, averaging 60 sales per quarter in the U.S. last year. A chunk of these properties sold in New York City. Here is what UrbanTurf’s old friend Jonathan Miller had to say about who is buying these homes and why:
“It’s a fairly even divide of U.S. and foreign buyers,” says Miller. “We now have this tall tower phenomenon.” A new market has essentially been created with these residential skyscrapers like 520 Park Avenue in New York City, he adds. “I refer to them as the most expensive safe-deposit boxes in the world.”
See other articles related to: home sales
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/sales_of_homes_50_million_and_up_rose_dramatically_last_year/9498.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro