High-end real estate thrives despite broader market slowdown

In 2024, the U.S. housing market experienced a slowdown, but the ultrahigh-end segment saw significant activity. According to data from appraiser Jonathan Miller and The Wall Street Journal, there were at least seven single-family home sales in the U.S. priced at $100 million or more, an increase from five in 2023. This trend is part of a decade-long rise in nine-figure home sales.

Jonathan Miller noted that "we’ve witnessed the creation of a new asset class," emphasizing that this pattern is consistent and unlikely to change soon. He suggested that $200 million could become the new standard for ultraluxury real estate transactions.

Most high-value deals in 2024 occurred off-market and included unique elements like property swaps between wealthy buyers. Notable transactions involved business figures such as Steve Wynn and Thomas Peterffy, who jointly purchased an Aspen estate.

A standout sale was a unit at Central Park Tower on Billionaires’ Row in New York, which sold for $117 million. While traditional markets like California, New York, and South Florida dominated these transactions, Aspen also recorded its first nine-figure deal.

Richard Ferrari of Douglas Elliman highlighted Aspen's growth potential: "Aspen is among the fastest-growing of the company’s markets." The wealth concentration has shifted geographically due to stock market gains increasing net worths significantly since 2020.

Donna Olshan, a luxury agent from New York, remarked on this diversification: "The rich are getting richer and they’re diversifying." Despite active markets in Miami and Palm Beach during the pandemic, New York's Hamptons saw slower activity with no nine-figure sales last year.

Looking ahead to 2025 post-presidential election, Ferrari anticipates robust activity in ultraluxury real estate across the country: "There’s no indication that the high-end market will slow down anytime soon."

Among notable sales:

1. In Malibu, James Jannard sold his estate for over $200 million.

2. Michael Dorrell acquired Tarpon Island in Palm Beach.

3. Daren Metropoulos bought Casa Amado in Palm Beach.

4. Vladislav Doronin purchased a penthouse at New York's Crown Building.

5. An international buyer bought a unit at Central Park Tower for $117 million.

6. George Ruan sold his Bel-Air mansion for around $112 million.

7. Steve Wynn and Thomas Peterffy bought an Aspen estate together.

8. Ellen DeGeneres sold her Carpinteria home as part of a property swap.

9. Laurene Powell Jobs expanded her Malibu holdings with a $94 million purchase.

10. Jeff Bezos continued acquiring properties on Miami’s Indian Creek island.