Home | Newsletter | Advertise
loading...

The Rush on Homes Priced $50 Million and Up

  • February 5, 2015

by Lark Turner

The Rush on Homes Priced $50 Million and Up: Figure 1
Copper Beech Farm in Connecticut sold for $120 million last year.

There has been a notable increase in homes sales in a very small corner of the U.S. real estate market: Properties worth $50 million and up.

Marketwatch reports that the sales of homes priced between $50 and $99 million increased from just three in 2013 to a whopping 22 in 2014. The sales volume for these uber-luxury homes in 2014 was higher than the previous 10 years combined.

The Rush on Homes Priced $50 Million and Up: Figure 2

Home sales between $10 and $49 million shot up, too, averaging 60 sales per quarter in the U.S. last year. A chunk of these properties sold in New York City. Here is what UrbanTurf’s old friend Jonathan Miller had to say about who is buying these homes and why:

“It’s a fairly even divide of U.S. and foreign buyers,” says Miller. “We now have this tall tower phenomenon.” A new market has essentially been created with these residential skyscrapers like 520 Park Avenue in New York City, he adds. “I refer to them as the most expensive safe-deposit boxes in the world.”

See other articles related to: home sales

This article originally published at http://dc.urbanturf.com/articles/blog/sales_of_homes_50_million_and_up_rose_dramatically_last_year/9498

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse