Forbes real estate beat staffer Erin Carlyle turns her focus on the ultra-mega-high-high-end home property real estate market for a moment, which, she notes, does not really exist as a market.
Rather, a number of homes that had sold in the past couple of years with price-tags in excess of $100 million did not comprise "a market" per se, but rather a handful of one-off anomalies. Carlyle notes that there are plenty of signs that the luxury market has cooled off–and not just at the $100 million price point. She writes:
In Manhattan, where so many luxury towers are in the pipeline that there is now a glut of supply, a total of 190 apartments priced at $10 million or higher sold in 2015, down from 214 in 2015, according to CityRealty, which tracks co-op and condominium sales in Manhattan. The number of contracts signed at $10 million and above dropped 16% in 2015, according to Oshan Realty, who tracks sales at $4 million and higher. It took two months longer to sell a luxury property in 2015 compared to 2014.
Seems like California, with a price tag of $4 to $8 million for a truly special property may be the sweet spot for luxury at the moment.