Like just about everyone, as COVID-19 began to sweep the world, the real estate industry held its collective breath, fearing the coronavirus could wipe out their livelihoods. It wasn’t long, however, before it became crystal clear that the industry would not only be plunged into crisis by the pandemic, but that it would be a successful year.
Working from home protocols across the country meant that people no longer needed to live close to their jobs and as a result, many packed their bags and headed to places where they and their households would. more room to swing their arms and be comfortably outside without fear. disease and / or transmission.
Nowhere has the market grown so dramatically as at the top, in the rarefied world of billionaires and the trophy houses they acquire. While mere financial mortals may have sought a simple refuge with a little backyard and a little extra space to set up a home office, those with the deepest pockets have made their way to homes. sprawling and vast domains that would allow them to self-quarantine. cocoon content of hyper-luxury.
Not so long ago, most people, even the richest, would grab their pearls and swoon in disbelief, not to mention mocking disbelief and sometimes contempt, when a grand mansion in Beverly Hills or an apartment in New York was selling for ten or twelve million dollars.
Those days are long gone, kids. Nowadays, a $ 10 million or $ 12 million house is the bottom of the very high-end premium market, as evidenced by the fact that the cheapest house on this top 20 list in the United States costs $ 66. million. That’s right, in 2021, more than 20 people spent more than $ 66 million to buy a home, often their third, fourth, fifth or more. Some of the deals were reduced in cash, while a few took out planet-sized loans that buried an ordinary millionaire.
Eighty percent of the 20 transactions on DIRT’s list occurred in just three states. Sunny Florida, with its billionaire-friendly taxes, had the most, with six deals, mostly in and around Palm Beach, while New York and California each recorded five big transfers this year. Even so, two of the top three deals of the year did not take place in any of those states, but rather in Montana.
Are you having trouble breathing? Well put on an oxygen mask, because the real estate air is about to get even clearer here. Just as some of the world’s richest men have launched into space this year, real estate prices for people with unlimited financial firepower have gone stratospheric in 2021.