The Rise of $100-Million Homes

Christie’s International Real Estate (CIRE) Luxury Defined 2015 report shed light on the rise of the $100-milion homes, the “pinnacle of residential real estate.” In the last year alone, more homes have sold to eager buyers for $100m or more than ever before. And though homes are switching hands for millions the world over, the US has staked its claim as the reigning king of the $100-million market. The Telegraph highlighted two US properties – in New York City and Greenwich, CT – to define America’s growing million-dollar reach.

The Telegraph notes although London, Hong Kong, Sardinia, and Monaco are ranking members of the “Hundred Million Dollar Club,” the CIRE predicts LA and Florida will soon join the clubs founding members – and could soon be followed-up by Sydney, further south.

Dan Conn, CEO of CIRE, says, “There is no pricing benchmark for this asset. It’s a great example of a trophy property that typically has two defining attributes: its absolute distinctiveness and the limited pool of potential owners around the globe who are able to acquire and upkeep these homes. These assets are so scarce, unique and prized that they have become collectible in the same way as rare artworks like a renowned Picasso are prized by the world’s great art collectors.” Conn adds a $100-million home is “easily viewed as a trophy because of its unique physical features, amenities and surroundings.” He continues, “trophy homes are as diverse as the preferences of their ultra-affluent owners, based on their geographical, historical and architectural significance.”

In the past five years, three of the last 13 publicly reported $100m+ sales have all taken place in apartments built in new developments. It suggests one thing: $100-million homes will soon be the norm.

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