The year of 2012 was amazing for luxury real estate with record sales. This put the desire for luxury real estate in hot demand among the ultra-rich. Pricey estates became the IT story of luxury PR front page crediting who purchased what and for how much. Some rich buyers were shy wishing not to reveal their identity. However, billionaires had no problems with their purchases being exposed.
Real Estate 2012 Big Highlights
15 Central Park West sold for $88 million
Sold in March of 2012 the record sale for a penthouse located at 15 Central Park West. Owned by Sanford I. Weill the former chairman of Citigroup. The record purchase was made by the daughter of a Russian billionaire.
50 Central Park South Duplex sold for $70 million
Purchased by the casino businessman of Vegas Steve Wynn a duplex with 14 rooms located on 50 Central Park South.
Under Construction Purchases: One57 Duplexes Midtown Tower $90 Million Each
Two contracts were signed by unidentified buyers while still under construction for duplexes in the Midtown Tower located at One57 valued at $90 million each.
New York, while seeming to set the tone, was not alone. High-end markets in cities across the country, including Miami and Chicago, caught the fever, producing record sales prices in 2012, and affixing record price tags to houses and apartments.
Yet for all the hype, at year’s end most of the biggest listings still remain on the market. In Manhattan, sellers of properties of $50 million or more have been stubborn about reducing prices, while in other parts of the country, brokers have begun to drop prices rather than lose out on the billionaire-buying wave.
Can’t wait to see the record sales in 2013 for luxury real estate!