Property Market Insights Significant Sales

Significant Luxury Home Sales and Market Trends—First Half 2022

Highlights from the top reported sales of the first half of 2022 from the Christie’s International Real Estate affiliate network

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

A head-turner even by Aspen standards, this home features 9 bedrooms, 15 baths and 18,951 square feet on 2 acres with a pool, hot tub, mountain views, and geothermal heating and cooling.

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

This 30+ acre estate with almost 1,000 meters of coastline features 2 private beaches, a 6-bedroom main residence with 6,835 square feet, staff quarters, a large outdoor pool and a separate Caribbean-style bar/cantina.

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.

3. 609 S. Beach Road, Jupiter, Florida
Sold Price: $35,500,000
Sold By: Milla Russo & Andrew Russo, Illustrated Properties

This Jupiter Island home has 6 bedrooms, 8.5 baths and 11,000 square feet of living space on 2.25 acres, with 193’ of frontage on both the Atlantic Ocean and Intracoastal Waterway.

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.

4. Selby Lane, Atherton, California
Sold Price: $22,500,000
Sold By: Joyce & Tatum Real Estate Team, Christie’s International Real Estate | Sereno

This home on the San Francisco Peninsula includes 5 bedrooms, 7 full baths, 3 half baths and over 11,500 square feet on over an acre. Amenities include a separate pool house, tennis court, wine cellar, 5-car garage, and an elevator.

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

5. 6015 Cameldale Way, Paradise Valley, Arizona
Sold Price: $21,000,000
Sold By: Walt Danley and Catherine Jacobson, Walt Danley Realty

This 4.27 acre Paradise Valley estate with views of Camelback Mountain includes a main house with 7 bedrooms, 14 baths and 15,700 square feet; a 2-bedroom, 2-bath guest house; and a 1-bedroom casita.

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.

6. Bali Hai, Islamorada, Florida Keys
Sold Price: $13,999,000
Sold By: Joy Martin, American Caribbean Real Estate

Bali Hai includes 6 bedrooms, 5.5 baths and 6,050 square feet of living space on 4 acres. Amenities include separate guest quarters, an infinity-edge pool, 7,000-gallon saltwater pond, tennis court, tropical gardens, and deep water 300’ dock with 2 boat lifts.

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.

7. The Castle, St. Croix, U.S. Virgin Islands
Sold Price:$9,500,000
Sold By: Peter Briggs, Christie’s International Real Estate | the Saints

Originally built by Bulgarian-born Countess Nadia de Navarro-Farber in the 1980s, The Castle features 6 bedrooms, 6 baths, and 10,000 square feet surrounded by 110 acres.

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

This newly built contemporary home minutes from Cannes city center includes 5 bedrooms and 5 baths plus Mediterranean gardens, a swimming pool, and views of the Bay of Cannes and the Estérel.

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.

9. 1856 N. Mohawk Street, Chicago, Illinois
Sold Price: $8,100,000
Sold By: Phil Skowron, @properties Christie’s International Real Estate

This custom home in Lincoln Park features 5 bedrooms, 5 baths, 8,700 square feet, 4 levels and an elevator. It was designed by Dirk Lohan, grandson and student of Ludwig Mies van der Rohe.

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

This Georgian Colonial on 4.2 acres has 7 bedrooms, 5 full baths, 2 half baths, and a pool.

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.