In the past year over half a dozen mansions in Los Angeles have sold for $20 million or higher, and real estate experts believe this could signify a turnaround in the housing market.
Every cloud has a silver lining—try telling that to property owners in Las Vegas, whose market is down 50% from its all-time high. But apparently, the property investment firm HomeVestors and real estate data firm Local Market Monitor have done just that, and found a wan bright side to the state of struggling housing markets such as Ft. Lauderdale and Detroit.
The recent wave of stories from the co-op at 740 Park Avenue prove that in these harsh financial times even the owners of Manhattan’s most elite properties can be hugely affected by the economic climate.
New York City is fabulous. There has never been any doubt about that. It’s also one of the most sought-after places to call home, as evidenced by legendary real estate prices for some of the city’s prime spots. Curbed’s calculation of this year’s ten biggest real estate deals added up to a jaw-dropping $233,495,000 in sales with some bigwig names involved in many of those, including the Murdoch family (more than once), some movie stars, and a certain Facebook founder. Here’s the breakdown of the top ten:
In 2006, Updown Court, one of the largest and lavish private residences in the UK – about 20 or so miles outside of London – was spec-built and put on the market for £75,000,000 (about $145,000,000). Recently, the luxe residences were seized by the Irish government in a foreclosure proceeding after the property developer, Leslie Allen-Vercoe, failed to keep up the mortgage payments secured by the state – about £50,000,000, according to RealEstalker.
Highly respected art collector Ella-Fontanals-Cisneros, has proudly opened her doors for a grand tour of her lavish home in Coconut Grove which recently hit housing market. Priced at $14.5 million, the home is located in the beautiful Grovernor House condo building, taking up a massive 9,000 square-feet in interior, which also including a 2,700 square-foot rooftop balcony.
Heidi Klum and her husband Seal have sold their Beverly Hills 6,794 square foot mansion for $7,000,000.
New York City is quickly becoming the center of the luxury real estate market and Michael Bloomberg’s ex-wife is taking advantage of this fact.
Dubai has gained global attention with their recent onslaught of constructing incredible new structures and the esteemed emirate is about to add another accolade to the list by earning the distinction of having five of the world’s ten tallest residential towers. Most of these massive new projects will be spouting up in the gorgeous Dubai Marina area and are estimated to have a combined cost of $1.16 billion with estimated entrance on the market over the next two years, as the economic downturn slightly delayed the projects.
It is a house fit for a prince, or more specifically the Duke and Duchess of Cambridge.