$10 million plus sales more than doubled in 2021

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High-end home buyers were a tour de force in 2021, and Los Angeles was their shopping destination of choice, according to an inaugural ultra-luxury-focused report from Compass released Wednesday.

Across the U.S. last year, more than 2,300 residential properties priced at $10 million or more changed hands across the 30 major markets the brokerage profiled—more than twice as many deals as in 2020.

Los Angeles took the lion’s share of those trophy-home sales, with 27.3%—or 628—of all $10 million-plus sales occurring in La La Land. Next in line was Manhattan, with 326 transactions, followed by Palm Beach, Florida, with 203.

Across all 30 markets analyzed, more than $40 billion was spent on residential real estate at or above $10 million, the report said, a 138% surge from 2020. (Mansion Global)

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4 bedroom house for $149 million? Sold!

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So you think prices in say Manhattan are high? Check out this luxury home which just sold in Hong Kong for $148.7 million. That works out to $16,258 per sq.ft.

Mount Nicholson

Let’s see how that price per sq.ft. would compare with some of the houses currently for sale in Marblehead. The smallest house currently for sale is 1,243 sq.ft. It is listed for $475,000, but at the HK price per sq.ft. it would be $20 million. And the largest house for sale, 6,679 sq.ft., listed at $3.3 million, would be $108 million.

Maybe sellers need to raise their list prices in Marblehead. I have a nice little oceanfront listing 11 Crown Way at $2.8 million. Its HK equivalent would be $102 million plus another $39 million for the carriage house making a total of $141 million. But this weekend only there is a special – both buildings for only $100 million!!! Hurry hurry hurry – it can’t last at such a bargain price.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.

If you are looking to buy, we will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Andrew Oliver and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

What can you buy for $725 million?

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A lot of baby-boomers today are thinking of down-sizing.

But what if you want to up-size? What are the options? (more…)