Luxury home sales hit record year

Rupert Murdoch recently spent $200 million on a 340,000 acre ranch. (Getty)

The US luxury housing market has boomed this year like never before, with at least 40 homes selling for at least $50 million.

Sales of homes worth at least $50 million are up 35% year over year, according to data from expert Miller Samuel reported by Bloomberg. The surge means sales in the sector this year have shattered the previous record set in 2020.

Low interest rates and a booming stock market were among the factors contributing to unprecedented activity among America’s wealthiest shoppers.

“Not enough words have been written about the impact of low rates on even the wealthiest,” Miller Samuel Chairman and CEO Jonathan Miller told Bloomberg. “And a big takeaway in housing is this: the lower the rates, the higher the prices. And that’s this phenomenon on steroids.

Miller Samuel has recorded eight properties trading hands for at least $100 million.

Rupert Murdoch's Beaverhead Ranch (Matador Cattle Company)

Rupert Murdoch’s Beaverhead Ranch (Matador Cattle Company)

The biggest sale of the year took place in Montana, where Rupert Murdoch recently spent $200 million on a 340,000-acre ranch. The deal is also the biggest sale in the state’s history.

New York State leads the nation with 13 sales valued at $931 million. The biggest sale in the state took place at 220 Central Park South, where a duplex sold for $157.5 million to Alibaba co-founder Joe Tsai. More than a third of New York’s super luxury sales took place in the Hamptons, led by the sale of the Ford family estate in Southampton for $105 million.

Florida was in second place for super luxury sales this year, with 11 purchases valued at $941 million. The biggest sale of the year in the state took place at 535 North County Road in Palm Beach, traded for $122.7 million.

While California saw fewer luxury goods sales, the state had the second most expensive sale of the year. It belonged to venture capitalist Marc Andreessen, who bought a seven-acre property in Malibu along the Pacific Ocean for $177 million.

[Bloomberg] —Holden Walter-Warner