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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHome Sales Topping $100 Million Smash U.S. Price Records
By Prashant Gopal May 7, 2014 12:47 PM ET
The U.S. trophy-home market is shattering price records this year as an increasing number of residential properties change hands for more than $100 million.
Barry Rosenstein, founder of hedge fund Jana Partners LLC, has purchased an 18-acre (7.3-hectare) beachfront property in East Hampton, New York, for $147 million, according to the New York Post. That would break the U.S. single-family price record of $120 million set last month with the sale of a Greenwich, Connecticut, waterfront estate on 51 acres. In Los Angeles, a 50,000-square-foot (4,600-square meter) home sold in February for $102 million in cash after a bidding war.
The worlds richest people are moving cash to real estate as they seek havens for their wealth. In the U.S., an improving economy and stocks at a record are bolstering confidence among the affluent. Home purchases of $2 million or more jumped 33 percent in January and February from a year earlier to the highest level for the two-month period in data going back to 1988, according to an analysis by DataQuick.
Last year the stock market broke all kinds of records and when that happens, youre going to see art and resort real estate break all kinds of records, said Judi Desiderio, chief executive officer of Town & Country Real Estate in East Hampton.
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http://www.bloomberg.com/news/2014-05-06/home-sales-topping-100-million-smash-u-s-price-records.html
indepat
(20,899 posts)Stallion
(6,474 posts)worst Socialist ever
snooper2
(30,151 posts)He was campaigning to nationalize the oil industry, put the top tax bracket at 90%, provide everyone government housing, eliminate all private schools and universities,
I don't know why we ever believed any of that!
Tierra_y_Libertad
(50,414 posts)Soon, the basement on this model will be available for those having trouble with the down payment.