Headline
This Californian Cliffside Mansion Valued at $96 Million Secures Position as Most Costly Home Sale in 2024, as PerRedfin's Records
The most pricey U.S. property transaction this year was finalized for an approximately 8,000-square-foot estate in Southern California, as per Redfin data disclosed to Our Site, at a cost of $96 million to its purchaser, thereby topping Redfin's list of priciest property sales this year.
Essential Facts
A five-bedroom, ten bathroom seaside manor was purchased at a cost of $96 million this year, granting the buyer a Tuscan styled residence boasting panoramic views of the Pacific and three acres of property located just east of Santa Barbara.
The U.S.'s second most expensive property was acquired for $77 million, located in the ski resort town of Aspen and boasting eight bedrooms and nine and a half bathrooms spread across 12,655 square feet of living space, all of which is about a 15-minute drive from downtown Aspen.
The Flatbush neighborhood in Brooklyn is home to the third most expensive residential property sold this year, a 1,250 square foot property built in 1940 and sold for over $75 million, featuring a spacious living room and gallery, and sufficient square footage to convert the apartment into a three-bedroom space.
A buyer purchased the fourth most expensive property on Redfin’s list for $72.2 million in Miami, Florida, offering 12,552 square feet of living space, nine bedrooms, 11 bathrooms and a waterfront view in Miami Beach.
The fifth most expensive property sold in the U.S. this year was purchased for $66.5 million and features 6,180 square feet of space, five bedrooms and six-and-a-half bathrooms located just a few blocks away from downtown Aspen.
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Top 10 Most Expensive Properties Sold This Year
- Carpinteria, California: $96 million for a 8,000-square-foot, five-bedroom
- Aspen, Colorado: $77 million for a 12,655-square-foot, eight-bedroom
- Brooklyn, New York: $75 million for a 1,250-square-foot, two-bedroom
- Miami, Florida: $72.2 million for a 12,552-square-foot, nine-bedroom
- Aspen, Colorado: $66.5 million for a 6,180-square-foot, five-bedroom
- Carpinteria, California: $65 million for a 10,902-square-foot, five-bedroom
- Hollywood Hills, California: $62.8 million for an eight-bedroom, 18-bathroom
- Miami, Florida: $62.5 million for a 12,807-square-foot, seven-bedroom
- Reno, Nevada: $62 million for a 14,197-square-foot, seven-bedroom
- Malibu, California: $61 million for a 10,527-square-foot, five-bedroom
Where Are Luxury Home Sale Prices Rising?
The median sale price of luxury homes increased most in Providence, Rhode Island, (16.5% increase to $1,395,000), San Jose, California, (16.4% increase to $4,830,000) and Nassau County, New York, (14.3% increase to $2,572,500) as of July, according to Redfin. On the other hand, median sale prices decreased in New York (-3.2% to $3,200,000) and Austin, Texas (-1.5% to $1,650,000).
Big Figure
$70 million. This is the average price of the top 10 most expensive properties sold this year, as per Redfin data.
Interesting Fact
Luxury property values surpassed the appreciation of typical properties for at least five consecutive months this year, as per Zillow, with standard luxury properties being worth an average of about $1.6 million across the U.S. as of this summer. Luxury property values in the U.S. increased 3.9% from 2023 to 2024, marking a faster appreciation than the 3.2% annual growth experienced by typical U.S. properties.
Trivia
An expensive property sale that did not make Redfin’s list was conducted in Malibu, California, this year for a staggering $210 million, according to real estate records reviewed by the Los Angeles Times, which noted the property never officially hit the market. The mansion was sold by Oakley founder James Jannard, who has an estimated net worth of $1.3 billion. The more than 15,000-square-foot beachfront property features eight bedrooms, 14 bathrooms and represents the most expensive property sale in California's history. It also includes a pool overlooking the ocean, a gym and two guesthouses. Jannard paid $75 million for the property in 2012, purchasing it from Oaktree Capital Group co-founder and billionaire Howard Marks.
The discounted prices for the leading 10 opulent dwellings on Redfin's roster span from $62 million to $96 million, signifying a rise in lavish home prices by 9% to an unprecedented peak during this summer. Sales of premium properties witnessed a minimal increase of 0.2%, while sales for typical homes decreased by 3.4%, reaching a ten-year low, as per a recent Redfin report. In the same report, Redfin's principal economist, Sheharyar Bokhari, highlighted that the luxury market managed to dodge the challenges faced by the non-luxury market, primarily due to an "oversupply of cash buyers," with an astounding 43.7% of luxury homes being acquired using only cash. Bokhari suggests that the surging luxury home prices might plateau due to a growing number of listings.
Additional Reading
Beyoncé and Jay-Z Bag a $200 Million Malibu Estate—Setting a California Record (Our Site)
The One in Los Angeles Strives to Break the U.S. Record of $295 Million by Selling (Our Site)
- The most expensive real estate transaction in New York this year was a luxury home in Flatbush, Brooklyn, sold for over $75 million.
- Aspen, Colorado, is known for its expensive luxury homes, with the second and fifth most expensive properties sold this year located there.
- California continues to dominate the list of most expensive property sales, with four properties in the top 10 located in Carpinteria, Hollywood Hills, and Malibu.
- The cost of luxury real estate properties is on the rise, with median sale prices increasing in Providence, San Jose, and Nassau County.
- The most expensive property sale in California's history was a $210 million mansion in Malibu, sold by Oakley founder James Jannard, who purchased it for $75 million in 2012.
