In our recent market report we reconfirmed the tendency of the luxury property segment to be rather robust in times such as these. This is partly due to greater financial reserves, but it especially applies to those areas that enjoy limited supply and particular appeal.
While the ‘State of the International Luxury Real Estate Market’ report recently released by Christie’s International Real Estate also confirms that there has been a bit of a move away from ostentation and extravagance in recent times, with some streamlining their property portfolios, the recent evidence suggests that there is still a lot of movement in the luxury to super-luxury segments.
With its wealth of diverse locations and its impressive stock of top-end real estate, the USA still dominates any list of sales of distinction, Rhode Island and Georgia topping the charts just recently. Among the very healthy number of sales in this category were two by Lila Delman Real Estate in Rhode Island – a rare early 20th century estate overlooking Newport Bridge that now sold for only the fourth time in over a century, and a waterfront estate in Jamestown. Together, the two properties fetched almost $15 million, though perhaps even more impressive and high profile were the sales posted by Harry Norman Realtors in Georgia.
They consisted of a $10 million modern estate in the exclusive Buckhead district of Atlanta, and the purchase of a villa in Alpharetta Golf Community by R&B singer and producer, Ne-Yo and his fiancée Monyetta Shaw. Other recent sales to rock the boat include the $85 million paid for Candy Spelling’s Holmby Hills Estate in California by Petra Ecclestone. One of the grandest of Beverley Hills’ many grand properties, this 9,500m2 home is nothing short of a palace, but even so will vie with the historic value of Frank Lloyd Wright’s famous Ennis House, recently sold for an undisclosed but undoubtedly impressive sum.
Not to be outshone, Europe has been posting its important sales too, with Kensington Finest Properties International overseeing the purchase of the classic Son Blanc villa in Mallorca, and Wetag Consulting of Lugano, Switzerland, selling a stunning Lago Maggiore villa as it came on to the market. With Marbella following the same trend, it all goes to show that the high end of the property market continues to show good health.