$50 million is the new $30 million, says Glenn Roberts over at the Inman News Blog–especially when it comes to high end luxury homes. Citing a 2007 Mid-Year Luxury Report by Stribling Private Brokerage, Roberts explains how just a few years ago, even a rumor of a $30 million real estate sale in Manhattan would create big buzz. But since the sale of a $53 million property there in late 2006, prices have leapfrogged into the $50 millions.
This enormous inflation at the top tier of the real estate market is occurring across the country–from San Francisco’s $55 million fixer, to Donald Trump’s $125 million estate in Florida to Tim Blixseth’s $155 million estate offering for his 53,000 square-foot estate in Bozeman, Montana.
I couldn’t resist responding to Glenn’s article:
We are seeing a similar phenomenon in the San Diego’s luxury end of the real estate market. Late last spring, a Del Mar oceanfront estate was sold at $48.15 million–setting a California record.
Now, just listed, is another 5.5-acre Del Mar oceanfront estate with a price tag of $76 million.
Inflation in Richistan continues to amaze!
Other articles of interest:
Breaking All Barriers: Luxury Homes Reach Nine Figures
United States a Bargain for $1Million Homes?
Comments(4)