Daniel Petroni
The eight- and nine-figure home club is having a great year.
According to new data from real estate appraiser Miller Samuel and brokerage Douglas Elliman, 2024 is on track to be record-breaking in terms of extremely expensive residential sales.
Even as the rest of the market remains mired in high mortgage rates and low supply, sales of properties valued in the $100 million range are on pace to more than double this year compared to 2023’s total, CNBC reported based on the data.
To date, the US has had six home sales for $100 million or more this calendar year. The record is currently held by 2021, when a total nine homes sold in that price range.
Two of these sales happened in Manhattan: One atop Central Park Tower, where the duplex penthouse closed for $115 million last month, and one at Aman New York, where the top floor unit went to the Russian billionaire Vladislav Doronin, who developed the building, for $135 million.
Another occurred in Palm Beach, Florida with the $150 million sale of the private Tarpon Island.
While only a handful of properties will garner such eye-watering sums, the market for the slightly bigger contingent of properties priced in the $10 to $50 million bracket are also showing a strong resurgence following last year’s decline, according to CNBC.
“My biggest surprise thus far in 2024 has been just how many qualified buyers have the capacity and willingness to pay premium prices for ultra-elite properties, which speaks to the tremendous liquidity at the highest ends of the market,” Nathalie de Saint Andrieu, a broker in the Bay Area, told the outlet.
“It’s a substantial uptick in the pace of sales, something we’re not seeing at all in the broader housing market,” Jonathan Miller, CEO of Miller Samuel, commented. The “ultra-luxury segment,” he added, exists almost independently from the rest of the housing market and is more of a “barometer for the health of global financial markets” than reflective of its local market.