Many U. . S.. . Billionaires got richer during the pandemic, thanks in part to the rebound in global equity markets. It is therefore perhaps not surprising that although individual markets were affected to dramatically different degrees, the ultra-high end of the real estate market did not collapse in 2020 as a result of the Covid-19 crisis.
While New York Market took a hit when wealthy Manhattanites fled the city, markets like the Hamptons, Greenwich, Conn. , Palm Beach and Los Angeles were booming. Local realtors attributed this surge in part to the growing wealth of the richest Americans, the desire of the rich to move out of densely populated areas, and an increase in the number of people moving to larger homes with space to work from home-friendly amenities like offices and gyms.
In the third quarter, Manhattan luxury home sales – defined as the top 10% of deals – declined 46. According to a report by Douglas Elliman, it was 7% compared to the same period last year. Only 3. 6% of transactions followed a bidding war, its lowest level in more than 11 years, the report shows. In contrast, sales of luxury homes in Palm Beach and high-end single-family homes in Los Angeles rose 87. 5% and 33. 5% show Elliman’s numbers. In Greenwich, luxury sales rose 68. 2%, the end of a decade-long burglary in the affluent city of Connecticut.
« It’s the strongest luxury market in Palm Beach history, with record prices in every single category, » said Danny Hertzberg, a luxury agent at Coldwell Banker Realty in South Florida. “We can barely catch our breath. It’s non-stop. Basically everything that was in the market has been sold so we call people to ask if they would consider selling. «
Of the top 10 deals nationwide in 2020, two were over $ 100 million, according to reviewer Jonathan Miller and Wall Street Journal research, compared to six in 2019. Five of these were recorded in California, the Los Angeles area, or the celebrity-occupied Montecito enclave in Santa Barbara County. Two were recorded in Palm Beach and two in the Hamptons. The only remaining deal closed in New York City was the result of a deal in the new mega-tower 220 Central Park South on Billionaires’ Row. The deal was not signed this year – the nature of the new development market provides that the time from contract to completion can often be years – and does not reflect the current performance of the local market.
In many ways, Amazon CEO Jeff Bezos was a key figure during the pandemic as his company’s share price skyrocketed amid increased demand for online purchases. In April, he signed a purchase agreement for the Warner Estate, the glamorous 1930s mansion built for the late Warner Bros.. was designed. David Geffen’s US $ 165 million President Jack Warner set a record price for a Los Angeles home. It was a direct off-market deal that had no agents involved, the Wall Street Journal reported. Neither sir. Bezos still Mr.. . Geffen commented on the deal.
The property is located on 9 acres in Benedict Canyon and has its own 9-hole golf course, several guest houses, a tennis court and extensive gardens. « No studio czar residence has, before or since, surpassed the Jack Warner Estate on Angelo Drive in Benedict Canyon in size, size, or luster, » wrote veteran Los Angeles real estate agent Jeff Hyland in his book The Legendary Beverly Estates Hills. «
Jade Mills of Coldwell Banker Global Luxury, who was not involved in the deal, said the gigantic transaction inspired others to get their checkbooks out. « It helps our market get these very high sales, » she said. « People think that when the billionaires buy, it’s a good time. «
In August, entertainment manager Jeffrey Katzenberg sold his Beverly Hills home for $ 125 million in an off-market deal to Jan Koum, one of the founders of WhatsApp messaging service.
At that time there was a spokesman for Mr.. . Katzenberg said the sale is a downsizing step and the buyer has made an offer, mr. Katzenberg and his wife Marilyn Katzenberg could not refuse. They bought the property for $ 35 million in 2009, records show. Mr. Koum could not be reached for comment.
Real estate records show the house was around Jan.. 000 square meters and occupies almost 7 hectares. Kurt Rappaport of the Westside Estate Agency brokered both sides of the deal.
A $ 99. 9 million deal for a penthouse in 220 Central Park South, Robert A’s new limestone tower. . M.. . Stern Architects on Billionaire’s Row, closed in July, more than three years after the first contract was signed. Together with a smaller unit on a lower floor of the building that is offered as a guest or staff room, the total price was almost $ 102 million.
Although last year the deal was less than half the price of an almost $ 240 million unit that hedge fund manager Ken Griffin bought in the building, it was still the third most expensive one, according to public records ever completed in Manhattan. The identity of the buyer could not be established.
The four-bedroom apartment is roughly 9 feet tall, according to the property’s marketing materials. 800 square meters. Corcoran Sunshine Marketing Group managed sales for the building developed by Vornado Realty Trust.
The fact that no New York stores that started in 2020 are on this year’s list is symptomatic of how badly the local market has been hit by Covid-19 bans and travel restrictions, which are local, according to local Information on the number of active foreign buyers impacted agents. However, according to a report from Olshan Realty, contract activity increased in the last few months of the year.
« To say the luxury market is thriving would be wrong, but it would be decent, » said Bess Freedman, general manager of New York luxury real estate agent Brown Harris Stevens. « We have started to get some momentum again. «
In March, billionaire hedge fund manager Ken Griffin closed a $ 84 million deal to buy a modern Hamptons mansion from designer Calvin Klein. This is evident from public records and people familiar with the deal. The property was the latest in a long line of trophy properties owned by Mr.. . Griffin across the country in recent years.
The approximately 7 acre property is located on the coveted Meadow Lane in Southampton. Mr. Klein commissioned the modern house after purchasing the property in 2003. A fortress-style property called Dragon Head was previously on the site. It was formerly owned by the du Pont family, then by Jane Holzer, better known as Andy Warhol’s muse « Baby Jane, » the Wall Street Journal reported. Neither sir. Griffin nor Mr.. . Klein commented on the deal.
A limited liability company affiliated with the family of Taiwan billionaire Terry Gou, founder of iPhone assembler Foxconn Technology Group, paid $ 75. 5 million for two neighboring homes in the expensive Trousdale Estates area of Los Angeles in January, according to people familiar with the deal. According to a real estate veteran familiar with the neighborhood, the buyer could combine the properties into one of the largest private buildings in the Hollywood Hills.
The first property has six bedrooms and is 17. 000 square meters. They asked for $ 42. 5 million and, according to Zillow, had surfaces from the design company Armani / Casa. It was developed by a partnership led by developer Farzin Aghaipour, as records show.
The second property is a special home built by Canadian businessman and owner of Vancouver Canucks, Francesco Aquilini, the Wall Street Journal reported. The 16th. 000 square foot home features an L-shaped infinity pool, golf simulator, and rooftop terrace.
Branden and Rayni Williams, then from Hilton & Hyland, but now at Beverly Hills Estates, both represented sellers in the deals. Kurt Rappaport of the Westside Estate Agency represented Mr.. . Gou as well as the seller of the Armani / Casa house.
Financier and energy entrepreneur Robb E. . Turner and his wife Lydia Turner sold their two-acre property on the lake shore in S. . Lake Trail in Palm Beach for $ 71. 85 million in June, real estate records show.
The 1930s neoclassical property was built by the late John L. designed. Volk, a well-known architect whose work helped spread the word about British colonial, Georgian and Bermuda architectural styles in South Florida.
The identity of the buyer who bought through a limited company could not be determined. The Turners had paid $ 27 million for the property more than three years earlier, records show. Mr. Turner could not be reached for comment.
A Palm Beach mansion formerly owned by the Kennedy family and owned by President John F.. was used. Kennedy as a winter resort was sold for $ 70 million in June to a real estate developer who was filing plans for an upgrade.
The seller was New York real estate billionaire Jane Goldman, who bought the property for $ 31 million in 2015. The Kennedys had owned the property since the 1930s when John F.. was bought. Kennedy’s father Joseph P. . Kennedy, according to Edward Klein’s book « The Kennedy Curse: Why Tragedy Has Haunted America’s First Family for 150 Years. ». The family sold it in the 1990s, records show.
The property, a sprawling Mediterranean style property with an area of more than 15. 000 square feet, located on North Ocean Boulevard. Neither sir. Panattoni still wife. Goldman could be reached for comment.
Entertainment and sports manager Casey Wasserman, grandson of late Hollywood mega-agent Lew Wasserman, sold his newly completed Beverly Hills home in June for $ 68 million, far less than the original price of $ 125 million dollar. The buyer was David Geffen, according to someone familiar with the deal.
The around 18. 548-square-foot mansion sits on over 3 acres and includes a gym, screening room, and art studio. Outside there is an entertainment deck with an 85-foot infinity pool, a pool house and four-car garage, and parking for about 25 cars.
Mr. . Wasserman completed the house in 2016. He built up the site with land formerly owned by his grandparents, the late Edie and Lew Wasserman, and a property next door that formerly belonged to Frank Sinatra, the Wall Street Journal reported.
Stephen Shapiro, co-founder of Westside Estate Agency, represented the seller and Kurt Rappaport, co-founder of Mr.. . Geffen. Neither sir. Wasserman nor Mr.. . Geffen responded to requests for comment.
A 3. 4 acre property in East Hampton with an approximately 8. 000 square foot oceanfront mansion designed by Robert A.. M.. . Stern Architects with a waterfront pool sold for $ 67 million in October, according to a person familiar with the business. The property also includes a 6th floor. 000 square meter guest house that also has its own pool. The houses previously belonged to the late former Morgan Stanley executive Charles G. . Phillips, his wife Candace Phillips, show records. The identity of the buyer could not be established.
Rancho San Carlos, one of the largest residential properties in Montecito, California. , a prominent Santa Barbara County shared apartment, sold for $ 63. 25 million in October. Although the property sold for only about half its original price of $ 125 million, the deal still set a record price for the region.
The sellers were the family of the late rancher and real estate investor Charles H. . Jackson jr. . and his wife, Ann Jackson, who bought the land in the 1920s. The buyers were a limited liability company tied to construction and engineering contractor Riley Bechtel.
The approximately 240 hectare property includes a 30. The Wall Street Journal reported that Monterey had 12,000 square feet of 12-bedroom colonial-style home with 10 cottages, office and equestrian facilities, and 100 acres of citrus and avocado orchards. Neither sir. Jackson nor Mr.. . Bechtel commented on the deal.
The property was listed by Suzanne Perkins of Compass and Harry Kolb of Sotheby’s International Realty.
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Jeffrey Katzenberg, David Geffen, Jeff Bezos, New York, Real Estate
World News – AU – Bezos, Jeffrey Katzenberg and David Geffen led the largest real estate deals of 2020
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