National Luxury Markets Continue to Shatter Records

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. 

California

Beverly Hills:

-In one of the area's more expensive sales, David Geffen just bought a mansion for $68M. (LA Times) 

LA:

 

-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)

Malibu:

-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)

Colorado

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.

-Click here to view a curated collection of luxury homes in Aspen, Boulder, Denver, Telluride, Snowmass.

Florida

Palm Beach:

Palm Beach "may be the hottest real estate market in the world" with an average price of more than $7M during Q3 (CNBC.)

-Billionaire Robert F. Smith was named as the buyer of the $41.8M property 12520 Seminole Beach Road (Real Deal.) 

 

Miami Beach: 

-Shutterstock founder Jonathan Oringer bought his Miami Beach mansion for $42M, a new record (Real Deal.) 

New York

Hamptons: 

-Hamptons sale prices are breaking records. The average sales price increased by 46% to just over $2M. (CNBC)

Manhattan:

-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)

Texas

 

 

  

Houston:

 

-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)

Click here for a curated selection of Austin's luxury properties, Dallas-Fort Worth's prestigious homes, and Houston's elite listings.