From the Colorado Rockies to the Mediterranean coast, Christie’s International Real Estate was involved in a number of notable transactions during the first half of 2022. While some exchanges, like the $48,000,000 sale of a home in Aspen made headlines, others flew under the radar but were no less significant in terms of informing luxury market trends. Here is a look at 10 sales from the first half of the year and what they tell us about the state of luxury real estate.
1. 1000 S. Starwood Drive, Aspen, Colorado
Sold Price: $48,000,000
Sold by: PJ Bory, Christie’s International Real Estate Aspen | Snowmass
The Story: In 2021, Aspen saw 26 homes trade over $20,000,000, almost twice as many as were sold at that level in the previous 20 years. Today, low inventory, strong demand, and tight controls on new development continue to push pricing in America’s swankiest ski town.
Christie’s International Real Estate Aspen | Snowmass represented the buyer. The property was listed by Coldwell Banker Mason Morse.
2. Beachfront Estate, Porto Heli, Greece
Last Asking Price: $37,600,000 (approx.)
Sold By: Ploumis Sotiropoulos Real Estate
The Story: Porto Heli on the Greek Riviera has become one of Southern Europe’s most exclusive resort destinations on account of its laid-back luxury, warm calm waters, and newer marina. This waterfront estate was purchased by a Greek ship owner who intends to use it as a multi-generational family retreat. The property is subdividable into 13 separate plots, giving the family the opportunity to expand the estate and/or monetize it over time.
The Story: One of only a handful of homes directly on the ocean and the Intracoastal, in the very exclusive and private town of Jupiter Island, 609 S. Beach, offered the rare opportunity to own a large 2+ acre site in an unrivaled location. The property was listed for several years with numerous realtors before the Russo Group successfully listed and sold it. The buyer, a local who already owns a number of homes in the area, picked up the property within days of its listing with plans to invest in a multi-million-dollar cosmetic rehab.
The Story: Located in the heart of Silicon Valley, Atherton is perennially one of America’s most expensive zip codes with a median sales price over $7,000,000. The tech industry has generated immense wealth, driving up home prices. Rather than take on a multi-year renovation project for their existing home, the buyer of Selby Lane was content to pay the highest price in Atherton thus far in 2022 to begin enjoying this newer, highly amenitized home immediately.
Christie’s International Real Estate Sereno represented the buyer. The property was listed by the Gullixson Team at Compass
The Story: The Phoenix metro has seen some of the biggest price appreciation of any area during the pandemic. This is especially true of the high-end. Prior to 2020, only four sales in the luxury enclave of Paradise Valley surpassed $15,000,000, and none topped $20,000,000. However, since October 2020, six transactions have hit the $20,000,000 mark. This home on Cameldale Way set a new record at $21,000,000. The buyer already owned in Paradise Valley but was looking for something larger to accommodate extended family.
The Story: The appetite for waterfront homes in South Florida has been nearly insatiable since 2020. When the sale closed in March, Bali Hai was the third home in the Keys to sell for over $10,000,000 in 2022. Since then, another three homes have sold for $10,000,000 or more. Bali Hai went under contract after just 6 days on the market. The seller was Titanic and Avatar producer, Jon Landau.
The Story: The USVI have seen a resurgence in the luxury real estate market as affluent travelers embrace a work-from-anywhere lifestyle, and individuals and corporations take advantage of generous tax incentives. The buyer of The Castle is banking on a continuation of these trends, as they look to add value by adapting the main house for events and short-term rentals and further developing the surrounding acreage. The buyer paid roughly $500,000 over ask.
This property was co-listed by Honnie Edwards of Calabash Real Estate
8. Mediterranean Vacation Home, Cannes, France
Sold Price: $8,950,000 (approx.)
Sold By: Michaël Zingraf Christie’s International Real Estate
The Story: In Europe’s upscale travel destinations, older properties that lack today’s luxury finishes and amenities have been a drag on the market. But new homes have been strong performers. The Danish buyer of this contemporary, Mediterranean-style home found a turnkey property offering views and privacy and requiring little ongoing maintenance.
The Story: Chicago typically experiences more modest price appreciation than other major U.S. cities, but in Lincoln Park, where this sale occurred, high-end homes have appreciated by as much as 40 percent since the start of the pandemic. The city’s luxury housing market continues to cook, with sales tracking ahead of last year’s record-setting performance. Built in 2006, this home sits on a highly desirable double city lot and sold in a matter of days.
10. Atterbury Lane, Franklin Lakes, New Jersey
Sold Price: $5,200,000
Sold By: Henry Cannon and Corrina Drost, Christie’s International Real Estate Group in Northern New Jersey
The Story: The strong post-pandemic recovery of New York City real estate hasn’t quieted demand for large homes on sprawling acreage in the surrounding suburbs of Westchester and the Hudson Valley in New York, Connecticut, and New Jersey. This sale achieved the highest price in Franklin Lakes in 2 years at the time that it sold. The Bergen County suburb is less than an hour commute from Manhattan.