Home sales above $100M cropping up – but not in NYC

Recent $147M Hamptons buy snags U.S. record, part of “global trend”
May 05, 2014 03:00PM

A growing number of luxury home sales are topping the $100 million mark. But so far, the ultra-pricey boom has yet to penetrate New York City.

An 18-acre oceanfront estate in East Hampton sold for $147 million over the weekend, snagging the most expensive residential property sale in the country to date. The deal followed the pricey purchase of another Big Apple neighbor — Copper Beech Farm in Greenwich, Conn., for a reported $120 million — by just a few weeks.

“The trophy property phenomenon is not abating,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel, told CNBC. “And this is a global trend, this is not unique to the U.S.”

Yet prior to these New York-area high-end sales, along with a $102 million buy in Los Angeles a few weeks ago, only two home sales in the U.S. topped the $100 million mark. And while the Zeckendorfs’ 520 Park Avenue project is planning a $100 million penthouse, no Big Apple sales have yet managed to reach six digits. [CNBC] Julie Strickland