Daily Real Estate News April 11, 2008
Luxury Niche Not Hit So Bad by Downturn
The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They aren’t feeling the pain nearly as much as sellers of mid-price homes. Some recent examples illustrate that point:
This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the home was put on the market – will be the highest price ever paid in Palm Beach.
In March, the 29-room, Upper Eastside of Manhattan townhouse, which used to belong to the late publisher of Penthouse, Bob Guccione, sold to the founder of Harbinger Capital Partners, Philip Falcone, for $49 million, up from $29.99 million, its last selling price in 2003. That’s 67 percent appreciation. Not bad for a declining market.In luxury markets, "Demand is remaining strong, and even if [prices] are going down they're not going down as much as the overall market," says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing in Dallas, which trains real estate professionals to sell in the international property market.Source: BusinessWeek.com, Prashant Gopal (04/11/2008)
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