We have seen several properties on the market that have extravagantly high prices. With those numbers adding up, can it really sell easily?
Palazzo di Amore is a mega mansion owned by Jeffrey Greene, the billionaire from Palm Beach, Florida that is currently selling at $195 million, the most expensive listing in the United States.
The 12-bedroom compound in Beverly Hills has been gracing the top of the list of the most expensive homes. In November, the price of the house was slashed to $149 million. However, there are reports that the owner will not push through with selling the property that took eight years to build.
The market for high-end homes such as Greene's is not as large as the middle class. This is what worries Jonathan Miller, the president of Miller Samuel, a property appraiser in New York. According to Miller, there are only 25 houses and apartments have sold for $70 million or more since the year 2000. Yet, the finest houses are currently selling at nine digits nowadays.
"It is a challenge finding the right fit," Turino said. "You have to find someone that loves the house, wants a property of that size, and wants to take care of the property and preserve it and care for it. It is more than just buying the property. It is a stewardship for a work of art."
According to Curbed, owners asking for $100 million for their properties are merely looking for bragging rights and attention. Most of the buyers, according to Turino came from Wall Street and that he is targeting international billionaires.
"When you are looking at the $100 million range you are going to look at a house whether they are asking $100 million or $150 million, because you can afford it," said Jeff Hyland, president of Hilton & Hyland Real Estate in Beverly Hills.
"We have not yet had a sale over $100 million, but we will," Hyland promised to Curbed.
The former Neverland of Michael Jackson is listed for $100 million under Hilton and Hyland. And it seems that the property has been getting several offers already after hitting the market.
Turino remarked that properties that could sell for more than $100 million have three aspects to fill in: spectacular views, architecture and privacy and exclusivity.
Selling something to a market with a handful of people only seems to be difficult. However, real estate agents are not giving up.
How do you find these excessively expensive homes?
