For the second year in a row sales of high-end homes around the globe slowed, according to a new report byChristie's International Real Estate. The cooling comes as a record number of homes priced at $100 million or more continue to show strength and an uptick in sales of homes priced at $1 million or more, the report shows. The new housing data is part of Christie’s International Real Estate’s fifth annualwhite paper.
The sluggishness of luxury sales represents a sharp slowdown from 2015, when that sector of the housing market rose 8 percent, and from 2014, when sales jumped 16 percent.
Despite the sluggish sales growth, luxury home prices continued to rise in 2016, rising about 2 percent from a year earlier,Christie's says. And for the first time, 11 homes sold for more than $100 each. A sprawling mansion located in Hong Kong sold for more than $270 million, the most expensive home sale of they year.
In the US, The Playboy Mansion in Los Angeles ranked among the priciest homes to sell last year. It fetched $105 million. The home was originally purchased in 1971 by Playboy founder Hugh Hefner for $1.05 million.
Christie's based its report on an analysis of sales data and other factors for homes that sold for $1 million or more in 101 markets worldwide, the company says. Private luxury home sales were not included in the analysis. Twenty-four of the markets in the report posted a sharp drop in sales last year, while another 19 posted solid gains. Sales were essentially flat in the rest.
Author:Josiah Ford Phone: 214-425-3525 Dated: May 11th 2017 Views: 57 About Josiah: Josiah is the founder of JFI Brokerage. He is a very driven individual with over 12 years’ experie...
Hello, I am Josiah Ford, and my wife is LaFronda Ford. Together we make up Team Ford of JFI Real Estate Brokerage. We have over 11 years experience in real estate. Our passion is assisting buyers, sellers, and renters with all their home needs. We service all of Dallas/Fort Worth and surrounding suburbs.