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The Rush on Homes Priced $50 Million and Up

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 https://dc.urbanturf.com/articles/blog/sales_of_homes_50_million_and_up_rose_dramatically_last_year/9498

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