Revealed: Two mega-wealthy hotspots where sales of $10M mansions are increasing day by day
As many US cities face a real estate crisis, two mega-wealthy hotspots where sales of $10M mansions are increasing day by day are defying the odds.
As many US cities face a real estate crisis, two mega-wealthy hotspots where sales of $10M mansions are increasing day by day are defying the odds.
The $10M+ mansion market is surging in Palm Beach and New York - while falling throughout the rest of the country.
Palm Beach and Miami are leading the charge in $10M+ property sales, with staggering increases of 44 percent and 27 percent respectively in the second quarter of this year, real estate firm Knight Frank told CNBC.
But the wealthy are not just buying up the Sunshine State.
New York has seen a 16 percent jump in $10M+ property deals in the second quarter, according to the report.
The $10M+ mansion market is surging in Palm Beach and New York - while falling throughout the rest of the country (Pictured: Palm Beach private island, Tarpon, that sold for $150M)
Palm Beach sealed the deal on the quarters biggest sale - a mind-boggling $150 million for the areas only private island, Tarpon (Pictured)
New York City led the US ultra-luxury market, boasting a whopping 72 sales in the $10M+ bracket - its highest total in two years.
Miami snatched second place with 55 sales, while Los Angeles limped into third with 42.
Palm Beach sealed the deal on the quarters biggest sale - a mind-boggling $150 million for the areas only private island, Tarpon.
It comes complete with a whopping 11 bedrooms and 15 bathrooms, as well as two swimming pools, a five-car garage, tennis court, hair salon, library, wine room, at-home gym, elevator, and indoor spa with its own massage room and sauna.
Located on Tarpon Island in Palm Beach, the sprawling, 21,400-square-foot abode sits on 2.2 acres of land and is surrounded by the intercoastal waterways.
Australian infrastructure tycoon Michael Dorrell bought the monstrosity, according to The Wall Street Journal.
But the spending spree didnt stop there. June saw a historic 3.2-acre Palm Beach estate sell for $148 million.
But the spending spree didnt stop there. June saw a historic 3.2-acre Palm Beach estate sell for $148 million
Manhattan got in on the action with the Aman New York penthouse (Credit: Aman New York Hotel)
The penthouse sold for an eye-watering $135 million in July (Pictured: Hotel spa)
Manhattan got in on the action with the Aman New York penthouse selling for an eye-watering $135 million in July.
Substantial wealth creation has supported the growth in the global super-prime sales market, Liam Bailey, global head of research at Knight Frank told CNBC.
The transformation of markets like Dubai, Palm Beach and Miami has more than offset the slowing experienced by some more mature markets.
The report comes as Florida is hit by worst real estate crisis in decades.
The Sunshine State continues to face a potentially catastrophic real estate crisis that could soon cause a mass exodus.
Real estate expert and realtor Steven Kupchan has revealed what he thinks the worst case scenario would be as the costs of condos have soared, especially in southern Florida.
Homeowner association fees (HOAs) - paid by residents for general maintenance of the neighborhood or for condos in the shared building - have also caused skyrocketing insurance costs for residents.
It comes complete with a whopping 11 bedrooms and 15 bathrooms, as well as two swimming pools, a five-car garage and tennis court
The property also comes with a hair salon, library, wine room, at-home gym, elevator, and indoor spa with its own massage room and sauna
Located on Tarpon Island in Palm Beach, the sprawling, 21,400-square-foot abode sits on 2.2 acres of land and is surrounded by the intercoastal waterways
Australian infrastructure tycoon Michael Dorrell bought the massive property, according to The Wall Street Journal
Kupchan, an agent for One Sothebys International Realty, told DailyMail.com he thinks the Florida housing market will become severely affected and cause an intense domino effect.
In the worst-case scenario, a significant number of condo associations could go bankrupt due to the inability to cover the costs of necessary repairs and maintenance, Kuplan said.
This could lead to widespread foreclosures, plummeting property values, and a ripple effect throughout the local real estate market.
