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The most expensive U.S. residential real estate sale ever was recently closed in Los Altos Hills, CA. The $100 million home was sold to Yuri Milner, a Russian technology executive and investor. The purchase, according to the Wall Street Journal, was a 50% cash down payment and 50% seller-financed.
Source: Wall Street JournalThe home, finished in 2008, has over 30,000 sq ft of space and is a limestone mansion inspired by an 18th-century French chateaux. From its private location, it has views of the San Francisco bay, and is located near the Silicon Valley where the previous owners made their technology fortune.
This sale is another bellwether for the burgeoning luxury real estate market in the United States. After recent years of dismal sales, 2010 and 2011 have shown striking increases in luxury home sales across the country.
Locally, sales of waterfront and luxury homes are up across the board. We've seen sales of multi-million dollar homes double in 2010, and the trend seems to be strengthening in early 2011. Prices have adjusted significantly in the past five years, and we're seeing real excitement from luxury buyers in recent months.
While marketing times for these unique luxury properties can many times be one to two years or more, the pace of sales has also quickened. At the end of 2010, we saw a half-dozen waterfront homes on Mercer Island sell in less than two weeks on the market. These are million-dollar-plus homes, and that pace of selling would have been unheard of in past years.
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it's really difficult for the average person to even imagine what it must cost to turn on the lights for a day or clean the floors, not to mention maintenance.
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