Homes topping US$100m smash US records
Next benchmark will be US$200m, predicts agent
[BOSTON] The US trophy-home market is shattering price records this year as an increasing number of residential properties change hands for more than US$100 million.
Barry Rosenstein, founder of hedge fund Jana Partners LLC, has purchased an 18-acre beachfront property in East Hampton, New York, for US$147 million, according to the New York Post. That would break the US single-family price record of US$120 million set last month with the sale of a Greenwich, Connecticut, waterfront estate on 51 acres. In Los Angeles, a 50,000-square-foot home sold in February for US$102 million in cash after a bidding war.
The world's richest people are moving cash to real estate as they seek havens for their wealth. In the US, an improving economy and stocks at a record are bolstering confidence among the affluent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US renters seeing chance of owning a home at record low: NY Fed survey
Shenzhen eases home buying to revive sales in China tech hub
Far East Orchard looks to sell Rendezvous Hotel Perth Central for A$18.5 million
Lendlease Global Reit’s committed portfolio occupancy rises to 88.8% in Q3
No bids for Pine Grove’s mega en bloc sale at S$1.95 billion price
China home sales slump 47% over May Day holiday vs 2023