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$350 Million Megamansion Is Most Expensive Listing in U.S.

August 17, 2017

A Bel Air home was just listed for $350 million making it the most expensive listing in the U.S. According to Global Mansion, Chartwell, a 1930’s chateau that belongs the family of the late billionaire Jerry Perenchio, went on the market August 7 as the highest price listing in the nation.

Other nine-digit listings include Opus, a Beverly Hills spec home listed for $100 million. The developer, Nile Niami plans to unveil another megamansion next year that will be listed at $500 million. Formula One heiress Petra Stunt is selling her home in Holmby Hills for $200 millio and the Playboy mansion sold for $100 million last year.

How do the select few luxury listing agents with homes in this price range market the one-of-a-kind mansions and find a billionaire buyer? Douglas Elliman CEO, Scott Durkin who is quite comfortable around major luxury sales was asked about selling megamansions. Durkin commented, ‘œThe marketing of a home of that price range requires you to completely wipe your board clean. Getting the home the most exposure you possibly can and targeting the audience, that’s really the goal. Once you’re north of nine digits, you can’t just wait for the phone to ring.’ Douglas Elliman brokered the most expensive Manhattan penthouse last year for $87.7 million as well as other nine-figure listings in New York City and the Hamptons.

Los Angeles’ finest luxury brokers share their marketing strategies and success stories in the Global Mansion article. See full article

Douglas Elliman Delray Beach Executive Directors of Luxury Sales, Randy Ely and Nicholas Malinosky are quite familiar with marketing and selling opulent oceanfront mansions in South Florida. With over 40 years combined experience and a sole focus on the beach area, Nick and Randy know that luxury oceanfront estates require a unique and thorough marketing strategy.

Randy & Nick are the exclusive listing agents for the most expensive listing to ever hit the Ocean Ridge luxury market. Check out this oceanfront mansion which is slated for completion this fall:
6161 North Ocean Boulevard, Ocean Ridge listed at $24.95 million See details

Please contact Nick Malinosky and Randy Ely for more details about this oceanfront mansion or to discuss the current luxury market.

Photo: Mansion Global

Blog, News Press

Knight Frank Reports on Luxury Real Estate Around the Globe

August 15, 2017

According to a Knight Frank, luxury residential real estate prices are on the rise in cities around the globe including Madrid, Berlin, Paris and Dublin. On the other hand, prices in China’s top cities declined. Knight Frank’s 2017 second quarter report tracks 41 cities worldwide.

According to Mansion Global, ‘œThe Knight Frank Prime Global Cities Index, which tracks luxury residential markets’”defined as the top 5% the housing market in each city’”rose 4.4% year-over-year by the end of June.’

European cities have seen a resurge in luxury residential prices. According to the Knight Frank report, ‘œFears surrounding the upcoming Brexit have, in part, led to a recognition of Europe’s comparatively affordable luxury markets’.

Other key facts:
San Francisco had the highest price growth among the four tracked US cities
Guangzhou leads the ranking with an annual growth of 35.6% in luxury real estate prices
Luxury prices in Hong Kong rose 36.2%
See Global Mansion article

Would you like to discuss South Florida’s luxury real estate market? Contact Nicholas Malinosky and Randy Ely with Douglas Elliman to discuss the current real estate market beach area.

Photo: Mansion Global/Nisa Maier/Getty Images

Blog, News Press

World’s #1 Male Tennis Player Sells Miami Condo

August 12, 2017

The world’s number 1 ranked male tennis player, Andy Murray just sold his Miami apartment for $2.375M. According to a Global Mansion article dated August 1, 2017, the condo sat on the market for over two years with numerous price reductions. The 3,415 square-foot condo is located on Brickell Bay Drive and has four bedrooms, five bathrooms and a game room.

The buyer’s agent commented, ‘œThe buyer is at.tracted by the unobstructed views, the luxury amenities of the building and its walkability to the happening scenes in Miami’. See Global Mansion article

Thirty-year-old, Andy Murray is the only two-time Olympic tennis champion. Murray purchased the unit in 2008 for $1.575.

Interested in buying a luxury oceanfront condo? Check out Nicholas Malinosky’s exclusive listing at Las Olas Beach Club in Fort Lauderdale:
101 South Fort Lauderdale Beach Boulevard #1903 offered for $2.35 million.

Photo: Global Mansion

Blog, News Press

Canadians Doubled Spending on U.S. Real Estate in Last Year

August 9, 2017

The National Association of Realtors reports great news for sellers in South Florida: ‘œMore than one out of three Canadian buyers in the U.S. choose homes in subtropical Florida, with the majority of those snapping up homes around Miami, Fort Lauderdale and West Palm Beach’. Over the past year, Canadians have doubled the amount spent on real estate in the US ‘“ $19 billion to be exact and mainly on vacation homes and residential investment properties. Mansion Global tells us ‘œThey look to their southern neighbor for sunny, high-end vacation spots in places like Florida’. Some may be surprised to learn that ‘œEven with a large contingent of Latin American buyers in Florida, Canadians spent the most of any foreign nationals in the state’”around $3 billion in 2016’. ‘œCanada’s burning hot housing market, particularly in Toronto and Vancouver, has fueled purchases in the U.S., as baby boomers cash out on their long-time family homes in Canada and use the spoils to pick up amenity-rich second homes in the U.S.’.

What are the Canadians buying?
The typical buyers is looking for a low maintenance vacation spot, so it is no surprise most buyers are looking for a luxury condo in the beach area. ‘œA lot of those snowbirds want new developments. It’s their resort property,’ said Ms. Fox, who will soon launch sales in Canada for the new Four Season Private Residences Fort Lauderdale. ‘œThey want a valet, they want a concierge, they like maid service.’ ‘œNew developments in Boca Raton like Akoya Boca West, a condominium at the Boca West Country Club, have seen an influx of new high-end buyers from Canada, a spokeswoman for the development said’. In fact, Akoya already has over 20 Canadian owners which is helping sales with other Canada based households.

How are they buying?
‘œThe vast majority of Canadian buyers in the U.S., some 76%, pay for their homes in all cash, according to John Slivon, president of the realtors association in Palm Beach and Greater Fort Lauderdale’. The typical Canadian buyers have several million in assets and many are looking for luxury homes in the $1 million to $3 million dollar range, making Palm Beach, Fort Lauderdale, and Miami beach area homes very desirable. See Mansion Global article.

Contact Nicholas Malinosky and Randy with Douglas Elliman if you are looking to buy or sell a luxury oceanfront, waterfront or beach area home in South Florida.

Blog, News Press

U.S.-China Relationship Key to Global Luxury Real Estate’s Future, Says Knight Frank’s Market Watcher

July 24, 2017

‘œLuxury implies quality, but ultimately it’s also defined by rarity. It’s difficult to have mainstream luxury. That’s a challenge handbag makers and designers grapple with.’ – Liam Bailey

When global head of Knight Frank’s Research department, Liam Bailey was asked what area was the next hub for luxury properties his response was, ‘œIt’s probably fair to say that it’ll be more of the same. Cities like London, New York, Miami’”established hot spots’”will become more desirable over time. What we’ve seen in the last two decades is how globalized these places can become. Demands for top hubs will increase more than anywhere else, and the difference between them and others will widen over the time’.

This is great news for us in Palm Beach County as many buyers in Miami have been moving north to Fort Lauderdale, Delray Beach, and Palm Beach. Baily also touches on how governments are becoming more and more involved in the luxury real estate market and how the global economy is a huge factor in the market. ‘œOpen trade between those two countries (America & China) will set the benchmark for the rest of the world. Ultimately, for luxury real estate that’s one of the most important things to be maintained’.

One thing that can be agreed upon regardless of the market in question is that the most important feature and valuable amenity is ‘œspace and flow of space’. See full article from Mansion Global

What market has the best resale value and the most expensive luxury real estate at the moment? Hong Kong.

Want more information about the luxury real estate market? Contact Nicholas Malinosky and Randy Ely to discuss your real estate goals.

Composite photo: Roberto Machado Noa/Getty Images; Giuseppe Torre/Getty Images