Despite a disastrous 2020, the luxury real estate market bounced back with aplomb in 2021.
At least 40 residences sold for more than $50 million in the US this year, according to new data compiled by real estate appraiser Miller Samuel. That’s about a 35 percent increase compared to last year, which indicates the demand for lavish, over-the-top homes is again on the rise.
“This year has blown away last year’s record of 29 sales and the year isn’t over yet,” Jonathan Miller, the company’s president and chief executive officer, told Robb Report. “I suspect there will be more before New Year’s Day.”
The state of New York topped Miller’s list, with 13 blockbuster deals reaching over $50 million this year. The priciest transaction in the Big Apple was for two condos in the exclusive skyrise 220 Central Park South. Back in June, one anonymous buyer shelled out a sky-high $157.5 million for two of the supertall’s units. The luxury real estate sales in New York totaled around $931 million, according to Miller’s data.
Florida was the second most popular state for well-heeled buyers, with 11 homes eclipsing the $50 million mark. As per Miller’s list, the most expensive sale recorded in the Sunshine State was for a beachfront manse that attracted a hefty nine figures. The County Road property, which sold for $122.7 million in February, set a new record for the priciest home in both Palm Beach and Florida. The value of Florida real estate on Miller’s list totaled around $941 million.
Interestingly, Montana saw the most expensive residential purchase of the year thanks to Rupert Murdoch. The media mogul parted with $200 million for a 340,000-acre ranch in the Rocky Mountain state.
“It is important not to see this a surge in price growth but rather a reset of perception of value for high net worth individuals on a global scale,” Miller added.
Indeed, the world has collectively reprioritized home life in the wake of the pandemic. Deep-pocketed buyers appear more willing to shell out for multimillion-dollar abodes now that we all spend more time at home. Of course, a rebounding stock market and low interest rates certainly help, too.
If you’re keen for more premium real estate intel, Robb Report recently posted the Most Expensive Home for Sale in Every State and we will publish a full list of the most expensive homes sold in 2021 at the end of the year. Stay tuned.