In June, the luxury real estate market in the United States skyrocketed by 69%. It featured a truly remarkable compilation of successful, high-value transactions from coast to coast. Perhaps the most notable sale was a condo unit at 9 W. 54th St. in New York City, selling for a jaw dropping $38.2 million. One home at 1806 US Highway 50 in Glenbrook, Nevada, sold for an eye watering $37.5 million. That paints a picture showing a strong hunger for multifamily housing especially in California and Florida.
Back in June, Los Angeles had already pulled ahead in the cut-throat global high-end real estate market. California accounted for five of the top ten most expensive home sales. Significantly, the latter included three sales in Beverly Hills, one in Bel Air, and one in Atherton. The biggest deal of all time was set at 71 Beverly Park in Beverly Hills, which sold for a jaw-dropping $63.1 million. A house on 750 Lausanne Rd. sold for $32 million. It’s not a bad guess, since another property — a 224-unit, 1414 Donhill Dr. in Richardson — fetched a sale price of $32 million.
Pam Beach, Florida, showed the strength of our markets, with a fantastic double punch of solid sales. A house at 55 E. San Marino Dr. in Miami Beach sold for a stunning $46 million. In the same Palm Beach market, a second gorgeous Palm Beach estate sold for $38.8 million. The geographic spread of these sales underscores the mounting demand for high-end, luxurious living spaces in markets clustered around the amenities of urban life.
Nicole Plaxen, a top agent with The Beverly Hills Estates, remarked on the unusual nature of today’s market. She stated:
“I see this strength continuing based on the activity I’m seeing right now. We’ve been showing every single day nonstop.”
Plaxen’s experience is widely echoed by other real estate professionals who are seeing increased interest from today’s buyers. She further noted that:
“People are not just looking, they’re putting pen to paper.”
This trend reinforces the idea that consumers in the luxury segment are extremely dedicated. Consequently, sellers are going to continue to benefit from favorable conditions for the foreseeable future.
Just earlier this year, Mark Wahlberg sold his own estate there for $55 million. This sale drove the perpetrator of the luxury real estate market rectile. Meanwhile, Richard Saghian, CEO of Fashion Nova, entered the market with the purchase of a $32 million spec home in Los Angeles.
The action doesn’t stop there. Nicole Plaxen registered the largest listing at an incredible $118 million in Bel Air, and Nicole has an equally stunning $68 million listing on Flicker Way. The sheer volume of these high dollar listings signals an active luxury sector that is consistently drawing in high-net-worth buyers.
Despite rising interest rates, as we move toward the end of the first half of June, the performance across luxury real estate indicates continued strong momentum. Sales are up across the country, resulting in fierce buyer competition in many states. This trend appears poised to continue in the months ahead.