The Exorbitant Real Estate Sales of 2011

Regardless of the fact that the housing market is still in somewhat of shambles, those unaffected by the bad economic climate made some outrageous home purchases this year. Sales in New York, Florida, California came in as some of the largest sales in state and national history.

The most recent and perhaps most notable sale of 2011 is Ekaterina Rybolovleva’s purchase of former Citigroup chairman Sandy Weill’s NYC apartment for $88 million. It rings in as highest individual transaction in the state and the second largest in the entire nation. The Weills will donate proceeds from the sale to charity. Two more exorbitant NY sales ring in at $48 million each.

In California, the $100 million purchase of Palo Alto Loire Chateau by Yuri Milner set the standard for the largest individual transaction. At nearly half that price, the Levi Strauss estate went for $53 million a few months later. And finally, after three years on the market, the Spelling Manor in LA went for $85 million (though it had been listed for $150 million) to another young heiress, Petra Ecclestone.

Then there’s South Florida, in which there were four (roughly) $20 million-plus transactions this year. The sale of the Setai South Beach’s penthouse for $21.5 million (had been listed at $27 million) is garnering attention for being the largest sum for a condo in SoBe. On Star Island, Roustam Tariko spent $25.5 million on an estate.

Many of these homes are only secondary dwellings, not full-time residences for the buyers. Real estate experts figure that the wealthy set’s increased interest in purchasing real estate is the bargain: a property might still be high in the millions, but it’s ultimately much less than would be in a healthier economic state.

SOURCE: Forbes.com

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