Despite the overall decline in home sales in 2023 due to increased interest rates, high-net-worth U.S. real estate investors remained active in the luxury market. In the third quarter of 2023, the luxury market outpaced the mainstream market, growing three times faster. According to Jason Aleem, Redfin's Senior Vice President of Real Estate Operations, paying cash “helped wealthy buyers weather the storm of high mortgage rates.” A recent Redfin report noted that 42.5% of luxury homes sold in the third quarter of 2023 were purchased outright in cash, “others are choosing to take on a higher rate and refinance later - an expensive option that isn’t feasible for a lot of lower-income consumers,” Aleem explained.
We’ve compiled the top 5 record-smashing luxury sales based on Jonathan Miller, President and CEO of appraiser Miller Samuel’s annual list.
Notably, 2 of the 5 properties were located in Palm Beach, Florida. This highlights Palm Beach County in South Florida as a consistent and attractive investment destination for luxury property investors. The real estate market in the region is robust, with luxury properties demonstrating a history of appreciation over time.
1. $190 million - 27712 Pacific Coast Highway, Malibu, California
Beyoncé and Jay-Z set a new record in California real estate with their recent purchase. The property, designed by Tadao Ando, includes 7 bedrooms and 11 bathrooms, sits on 8 acres, and features a private beach and an infinity pool overlooking the Pacific Ocean.
2. $170 million - 589 North Country Road, Palm Beach, Florida
The property, spanning 24,131 square feet, boasts 8 bedrooms and 12 bathrooms. Situated on 1.6 acres, it includes 150 feet of direct oceanfront. This off-market sale involved Robert Stiller, founder of Green Mountain Coffee Roasters, and luxury car dealer Michael Cantanucci. Stiller and his wife reportedly purchased this property for $25 million a decade ago, illustrating South Florida’s remarkable property appreciation.
3. $155 million - 1495 North Ocean Boulevard, Palm Beach, Florida
Estée Lauder cosmetics founder William Lauder purchased this 2.7-acre oceanfront property in an off-market sale from the widow of Rush Limbaugh. The property has 5 bedrooms, 20 bathrooms and 4 guest houses, with approximately 250 feet of ocean frontage and direct access to the beach. Limbaugh had initially purchased the property in 1998 for $3.9 million, serving as a testament to South Florida’s property value appreciation.
4. $138.8 million - 499 Indian Field Road, Greenwich, Connecticut
Hedge fund billionaire Ray Dalio acquired the 50-acre property, boasting 8 bedrooms and 10 bathrooms. With nearly a mile of waterfront offering views of Long Island Sound, the property includes luxury amenities like a 75-foot heated swimming pool, tennis court, and two private beaches.
5. $112.5 million - 700 Meadow Lane, Southampton, New York
Nestled on 8 acres between the Atlantic Ocean and Shinnecock Bay, this 15,521-square-foot property boasts 500 feet of ocean frontage, offering stunning water views from every room. With 11 bedrooms and 12 bathrooms, it includes amenities like a private boardwalk to the beach, an indoor gym, and basketball and tennis courts.
America Mortgages – HNW Foreign National and U.S. Expat Mortgage Experts
At America Mortgages, we specialize in assisting foreign nationals and U.S. expat investors in securing financing for luxury real estate ventures in the U.S. Our commitment to streamlining the financing process for foreign nationals and U.S. expats sets us apart. For our high-net-worth clients, we provide flexible lending options, including fixed interest-only loans and loans with non-traditional income documentation - suitable for entrepreneurs and business owners.
Join us in exploring the robust luxury real estate market with practical solutions tailored to your financial goals. Visit www.gmg.asia or reach out to us at [email protected] to steer your real estate journey.
