The luxury real estate market continues to thrive despite the challenging climate. When stocks tanked in March, U.S. luxury home prices were still up a little more than 1% over the prior year, and they’ve only grown since. As of June, the most recent figures show the median price for the top 5% of luxury real estate had appreciated 3% from the start of the year despite high unemployment and prevailing economic uncertainty. See below for insights in markets across the country.
-In one of the area's more expensive sales, David Geffen just bought a mansion for $68M. (LA Times)
-LA's luxury single-family home market, the top 10% of sales, witnessed the median sale price reach $12.5M in Q3, a 33.5% increase from 2019's Q3. (Mansion Global)
-Wayne Gretzky recently listed his Thousand Oaks home for $22.9M. (Sun Sentinel)
-Producer Jack Giarraputo listed 38 acres for $32M in October. A sale would make it 2020's highest priced sale for a publicly listed property. (Real Deal)
-A Malibu megamansion called "Sea of Love", listed at $115M, has its own beach, tennis court, movie theater and more. (Mansion Global)
-Suge Knight's former Malibu compound was listed at $30M. (Real Deal)
In winter resort towns, COVID-19 is making traditionally less busy months like October busier than ever. (Mansion Global)
Low inventory continues to increase prices and reduce days on market.
Palm Beach "may be the hottest real estate market in the world" with an average price of more than $7M during Q3 (CNBC.)
-Hamptons sale prices are breaking records. The average sales price increased by 46% to just over $2M. (CNBC)
-Although Manhattan real estate is still struggling since the pandemic made urban areas less popular, there are still bright spots. Single family home sales tripled in New York City in October. (Crain's New York Business)
-Houston's luxury home market surged in Q3. The top 10% of the market had nearly twice as many sales as it did in Q2. (Houston Business Journal)