Mansion prices are on the rise in luxury markets across the nation according to CNBC staffer Robert Frank. Citing sales data from Douglas Elliman, Frank says that mansion prices show no signs of slowing down after median prices for single family homes jumped in the fourth quarter.
Beverly Hills, Calif., saw a 54% increase in sales price in the fourth quarter over the same period last year, to $5.5 million, median home prices in Aspen, Colo., increased 35% to $6.7 million, and in the Hampton, N.Y., a record number of homes sold for more than $5 million and more than $10 million in the fourth quarter.
The numbers suggest that at least the end of last year — when jitters about China and global growth were already starting to rattle markets — the rich still saw real estate as a strong investment. "There's a general perception that the luxury market across the U.S. is weaker than the middle or lower end," said Jonathan Miller, president of Miller Samuel, the appraisal firm. "But in the most highly regarded areas, like Beverly Hills, the market is strong."