Number of bedrooms, location, public transport connections, price. When looking for a home, the list of factors doesn’t tend to change. What if, though, you could spend as much as you wanted on a property? We get a taste of how the world’s top 1 per cent live with a look at the most expensive homes on sale this year.
While quality of nearby schools and the proximity of the nearest supermarket are the kind of things that influence an average property’s price, at the apex of the global prime Market, it’s a different ball game altogether: prices are determined by rarity, uniqueness, and quality. In 2015, $100 million was the new “billionaire benchmark” for the world’s most unique and luxurious homes, says Christie’s.
This year, while some have speculated the sustainability of such high-flying homes, there has been an increase in the number of $100 million Trophy Homes on the market. Some have even surpassed it, with prices reaching as high as $500 million.
The market is expected to stay strong, going forward.
“Best-in-class properties will continue to command impressive price tags and lots of interest, but there will be price sensitivity around any properties that aren’t ‘best of the best’,” says Lulu Egerton of Strutt & Parker in London. “Overly aspirational sellers are going to become more realistic.”
Cesar Herrera of Provaltur in the Dominican Republic adds: “In Punta Cana we are seeing new opportunities on Luxury homes that have been on the market for some time. Sellers have started to realize that a price reduction will attract new buyers and an eventual sale.”
Trophy homes, though, still command prize-worthy prices in the world’s top luxury cities. Four of the top 10 cities broke local area records for highest-ever priced residential transactions in 2015: Hong Kong ($194M), Singapore ($67M), Miami ($55M), and Sydney ($53M). Sydney’s record was broken by a mansion in the suburb of Vaucluse. The deal exceeded records by more than 25 per cent.
Highest prices for residential sales in the world’s top 10 markets for luxury property (2012-2015)
Based on Christie’s Luxury Defined 2016 report, here’s a look at some of the year’s most expensive houses for sale around the world.
The Bubble Palace – $455 million
Located in Theoule Sur Mer in France’s Provence-Alpes-Cote D’Azur, this stunning palace, assembled by a bubble cluster, offers a panoramic lounge, a reception room and 10 suites decorated by contemporary artists. Bubble by name, bubble by nature: in addition to the bobbly architecture, the home boasts an eye-popping array of water ponds, gardens and pools – and a 500-seat outdoor auditorium overlooking the sea and the breathtaking bay of Cannes.
Ronde Island – $100 million
One of the largest private islands for sale in the Grenadines with undulating landscape, small hills and valleys, bays and even a swim through cave. Often deserted, brave visitors who do anchor here can enjoy crystal clear waters, a beautiful sandy beach and a vibrant bird population including white and brown diving pelicans.
Sycamore Valley Ranch – $100 million
This gated estate of over 2,500 acres is located 5 miles north of the town of Los Olivos and offers six bedrooms, including a large first floor master suite with a private loft and two master baths. The home was designed by Robert Altevers for William Bone in a French Normandy-style and meticulously crafted to perfection in 1982. As you would expect for that asking price, the home comes with a four-acre lake and waterfall, as well as beautiful mountain views.
The listing proclaims it to be “the ultimate ranch retreat”. With a private cinema with stage, several barns, animal shelter facilities, corrals and a maintenance shop, it more than lives up to that title.
Théoule-sur-Mer – $105 million
Another stunner straight from the French Riviera, this waterfront property is located 15 minutes from Cannes, but if anything, has an even better view that the city.
The Playboy Mansion – $200 million
This iconic piece of American cultural history was listed earlier this year with the chart-busting price tag of $200 million. The home, though, eventually took a large price cut to find a buyer, selling for $100 million. Hugh Hefner came with it.