{"id":7799,"date":"2015-04-29T12:00:06","date_gmt":"2015-04-29T12:00:06","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=7799"},"modified":"2015-04-29T12:00:06","modified_gmt":"2015-04-29T12:00:06","slug":"40-million-homes-spark-copycat-effect","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/40-million-homes-spark-copycat-effect\/","title":{"rendered":"$40 Million Homes Spark ‘Copycat Effect’"},"content":{"rendered":"

$40 Million Homes Spark ‘Copycat Effect’<\/h2>\n
\"$40<\/a>

$40 Million Homes Spark ‘Copycat Effect’. Image courtesy of franky242 \/ FreeDigitalPhotos.net<\/p><\/div>\n

Homes prices at $40 million or more were almost nonexistent up until a few years ago. Now, the nation’s priciest homes are selling for well above $100 million, and listings and sales at $40 million are surfacing across the country, The Wall Street Journal reports.<\/p>\n

“We’ve had this creation of a new market category unlike anything that\u2019s ever been seen before,” says Jonathan Miller of Manhattan-based Miller Samuel Real Estate Appraisers. “Five or 10 years ago, a $40 million sale or listing was an outlier. And today it\u2019s almost commonplace.”<\/p>\n

More than 300 homes were for-sale over the past year priced from $35 million to $49 million \u2013 a 24 percent year-over-year increase, according to Trulia real estate data.<\/p>\n

Several factors are behind these “super-luxury home sales,” says Miller. He cites the creation of global wealth since the economic downturn, demand from overseas and domestic buyers, and the “copycat effect.”<\/p>\n

When big-ticket sales occur on the market, they tend to generate a copycat effect where other sellers place their homes on the market believing they can also fetch ambitious prices, Miller told The Wall Street Journal.<\/p>\n

Still, “the vast majority of homes over $5 million don’t fly off the shelves the way people want you to believe they do,” says Leonard Steinberg, a real estate professional with Compass. Steinberg is co-listing a townhouse that was originally listed in October for $48 million, and is now priced at $46 million.<\/p>\n

More buyers may be willing — and able — to pay for homes in the $40 million price range today than there used to be but these buyers still tend to be very particular in what they want in their home, Steinberg says.<\/p>\n

“People take their time at this price level,” Steinberg says.<\/p>\n

Source: “The New Price of Luxury: $40 Million,” The Wall Street Journal (April 23, 2015)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

$40 Million Homes Spark ‘Copycat Effect’ Homes prices at $40 million or more were almost nonexistent up until a few years ago. Now, the nation’s priciest homes are selling for well above $100 million, and listings and sales at $40 million are surfacing across the country, The Wall Street Journal reports. “We’ve had this creation … <\/p>\n

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