The US luxury home market is booming, with sales of properties listed for $1 million or more rising 5.2% in the first half of 2024, despite a 12.9% drop in overall home sales volume. This surge is attributed to affluent buyers who are undeterred by economic challenges affecting the broader housing market.
Notable luxury deals include a record-breaking sale in California, where James Jannard’s $210 million Malibu mansion broke the state’s highest price tag ever. Other high-end transactions involve celebrities like Kendrick Lamar and Ellen DeGeneres, with their respective mansions selling for $40 million and $96 million.
New York City also saw significant luxury sales, including a penthouse in Central Park Tower that sold for $115 million. In another notable deal, the Aman New York Hotel’s penthouse developer Vladislav Doronin bought the property for $135 million. Meanwhile, billionaire Jeff Bezos acquired a $90 million mansion in Indian Creek, Florida.
Other luxury buyers made headlines with record-breaking sales, including Australian investment magnate Michael Dorrell’s $150 million private island and compound purchase, and billionaires Steve Wynn and Thomas Peterffy’s $108 million Aspen compound buy.
Source: https://www.salon.com/2024/12/28/record-smashing-home-sales-of-2024