Sales of $50M+ Homes Surged Unexpectedly in 2014

Published: February 8, 2015 | By: American Luxury Staff

Sales of mansions, penthouses, and such properties priced at $50 million and over surged last year, with sales surpassing the previous 10 years combined.

A total of 20 homes were sold in the price range of $50 million and over, with two more under contract. Homes at a a slightly lower value, between $10 million and $49 million, were also on the rise.

“We’ve had this steady market share of $10 million transactions for a long time,” Jonathan Miller, president and CEO of Miller Samuel, said. “There’s a tremendous amount of product in transaction that will close in 2015. I’m not suggesting it will continue rising, but 60 sales per quarter is a new plateau.”

Only one home in the over $50 million price range was sold in 2013 (with two under contract), four were sold in 2012 (with one still under contract), and two in 2011. Only one sold in 2010, making 2014 the best sale in high-priced luxury homes of the 2010s so far.

Most of the activity is taking place around the New York City area where expensive high-rise penthouses are currently all the rage in the real estate world.

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