Luxury Market Holding Strong Despite Market Down Turn

Sellers price homes above $100 million in wake of last year’s record sales

Owners of the ultimate luxury properties are betting that the über-rich are still shopping for luxury homes, despite the real estate market doldrums according to Laurie Moore-Moore, Founder and CEO of The Institute for Luxury Home Marketing. “The fact that the newest list of the most expensive properties for sale in the US features six homes priced at $100 million or more is an indication that home prices at the top of the US market have definitely broken through the $100 million level, despite the general slowdown in the housing market,” said Moore-Moore. “Last year’s $103 million dollar sale of a Long Island estate and the subsequent sale of a Colorado ranch for $175 million established that the $100 million level is no longer a hurdle. Sellers have responded by pricing aggressively at the very top of the market.”

The most expensive home currently on the US market carries a $165 million price tag. This legendary estate on 6.25 acres just blocks from the center of Beverly Hills (CA), tops the list of the 1000 most expensive homes currently on the market, according to the just-released Unique Homes magazine’s special issue, Ultimate Homes, 2008. The residence was formerly owned by William Randolph Hearst. John F. and Jacqueline Kennedy honeymooned at the home. The least expensive price on the Top 1000 homes list is $11.2 million.

Among members of The Institute for Luxury Home Marketing on the list, Shari Chase (Chase International, Lake Tahoe, NV) has one of the six most expensive listing at $100 million dollars. Overall, Institute members listed numerous properties featured in the magazine.

“The number of Institute members on the Unique Homes “Ultimate Homes” list is indicative of the superior marketing skills these individuals possess in the luxury arena,” said Moore-Moore. “Agents chosen to list these multi-million dollar homes must have a proven track record of success, as well as the tools, market knowledge, and luxury agent contacts necessary to market these homes to potential buyers.”

California has the most properties on the Top 1000 list with 246 listings, followed by New York with 195 properties. Florida dropped from second place last year to third with 188 properties. Overall, thirty nine states had properties that made the list. The total dollar value of all the properties on the list is more than $19.2 billion, a gain over last year’s total of $19.1 billion.

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