The top ten priciest property purchases in 2020 have been revealed with New York City barely featuring in the list.
Despite having more billionaires in the city than in any other around the world, wealthy Manhattanites decided to flee the Big Apple after COVID struck and it appears the moves have made a dent in the luxury property market.
New data from realtor firm Douglas Elliman suggests luxury Manhattan co-op and condo sales are down 43% compared to this time last year.
The most expensive property sale at $165 million belonged to that of Amazon CEO and founder Jeff Bezos who purchased a Georgian-style mansion in the Beverly Hills area of Los Angeles.
Beverly Hills was also the location for the second most expensive property sale of the year at $125 million for 26,000-square-foot home.
Out of the priciest real estate sales of 2020 across the country, four were in new a luxury tower at 220 Central Park South
New York City doesn’t feature in the top ten list until number three with a duplex on the 76th and 77th floors of brand new skyscraper 220 Central Park West.
The purchase is the only time the city features in this year’s top ten list.
It appears that those who might have normally sold their apartments decided to hold off while those deciding to buy looked elsewhere including the tony town of Greenwich, Connecticut and wealthy Palm Beach, Florida where sales were up almost 90% and 70% respectively.
But that doesn’t mean the super-wealthy are avoiding the Big Apple altogether.
Out of the priciest real estate sales of 2020 across the country, four were in new the luxury tower overlooking Central Park.
New York City doesn’t feature in the top ten list until number three with a duplex on the 76th and 77th floors of brand new skyscraper 220 Central Park West. The building is seen above under construction
‘A high-profile, specific super-luxury subset seems, at least for the time being, to be impervious to general market conditions,’ says Jonathan Miller, an appraiser who helped compile the data. The sales, each of which went into contract at least three years ago, ‘show us how vastly disconnected 220 Central Park South is from the rest of the market.’
But New Yorker’s in general are fleeing the city in droves and according to change of address requests obtained by the New York Post more than 300,000 people are estimated to have left the city since the onset of the pandemic.
There were 295,103 change of address requests from March to October by city residents to the US Postal Service.
Since one request covers one household, the number of residents who actually fled the city is likely significantly higher than 295,000 people.
There were 244,895 requests from March to July compared to the same period a year ago when there were just over 101,000 requests.
More than 13,000 of the change of address requests listed a forwarding address in either Palm Beach, Broward, or Miami-Dade County.
Many of these people likely left the city because of COVID-19, as New York City was the epicenter of the virus during its early days in the United States.
Where New Yorkers moved to by zip codes
Between March 1 and October 31:
1. East Hampton, NY, 11937: 2,769
2. Jersey City, NJ, 07302: 1,821
3. Southampton, NY, 11968: 1,398
4. Hoboken, NJ, 07030: 1,204
5. Sag Harbor, NY, 11963: 961
6. Scarsdale, NY, 10583: 812
7. Water Mill, NY, 11976: 577
8. Greenwich, CT, 06830: 558
9. Yonkers, NY: 10701, 567
10. Jersey City, NJ, 07310: 434
11. Port Washington, NY, 11050: 414
12. Westhampton Beach, NY, 11978: 409
13. Princeton, NJ, 08540: 395
14. Woodstock, NY, 12498: 392
15. New Canaan, CT, 06840: 389
16. Great Neck/Manhasset, NY, 11021: 380
17. Hampton Bays, NY, 11946: 344
18. Darien, CT, 06820: 326
19. Mount Vernon, NY, 10550: 325
20. Long Beach, NY, 11561: 323
Source: New York Post
Where New Yorkers moved from by zip codes
Between March 1 and October 31:
1. Upper West Side, 10023: 3,368
2. Upper West Side, 10025: 3,000
3. Murray Hill, 10016: 2,889
4. Upper West Side, 10024: 2,708
5. Chelsea/Greenwich Village, 10011: 2,520
6. Upper East Side, 10128: 2,165
7. Downtown Brooklyn, 11201: 1,836
8. Gramercy/East Village, 10003: 1,677
9. Upper East Side, 10028: 1,631
10. Midtown East, 10022: 1,410
11. Midtown West, 10019: 1,484
12. Upper East Side, 10021: 1,506
13. Chelsea, 10001: 1,222
14. West Village, 10014: 1,192
15. Park Slope, Brooklyn, 11215: 1,006
16. Rose Hill/Peter Cooper Village, 10010: 1,002
17. Midtown, 10018: 987
18. Tribeca/Chinatown, 10013: 899
19. Midtown, 10036: 837
20. East Village, 10009: 728
Source: New York Post
The Top Ten real estate purchases this year:
1.) $165 Million for ‘the Warner Estate’ in Los Angeles, California
Amazon CEO and founder Jeff Bezos made the most expensive property sale of 2020 as he splashed out $165 million on a sprawling nine-acre estate Los Angeles with his girlfriend Lauren Sanchez.
Bezos purchased the Warner Estate from media mogul and friend David Geffen in a transaction that set a record for even for Beverly Hills.
Bezos and Geffen, who is a billionaire film and music executive, have been friends for some time.
Geffen’s Warner Estate, which he bought for $47.5 million back in 1990, was not listed on the market but he had reportedly been trying to sell it for several years before Bezos made the pricey purchase in February.
Bezo’s property tops the list of the most-expensive real estate deals of 2020.
$165 Million for ‘the Warner Estate’ in Beverly Hills, California
Bezos dropped $165 million on the sprawling nine-acre estate in Beverly Hills, where he has been spending plenty of time lately with girlfriend Lauren Sanchez (with him above)
Purchased by Amazon.com founder Jeff Bezos from music producer David Geffen, the 9.4-acre estate dates back to the 1930s and set a new record for LA-area real estate.
Bezos dropped $165 million on the sprawling nine-acre estate in Beverly Hills. It was a direct, off-market deal with no agents involved.
The 13,600sq ft Georgian-style Warner mansion, which boasts terraces, guest houses, a tennis court, and a nine-hole golf course, is said to be covered in paintings by famous American artists and includes a floor once owned by Napoleon.
The site is fully landscaped with dozens of specimen trees, enormous grassy lawns and a 1937 colonial-style main house.
The Warner Estate was built in the 1930s, and was bought by Bezos from media mogul David Geffen.
He purchased the property in 1990 for $47.5 million, at the time a record for a property in the Los Angeles area.
The 13,600sq ft Georgian-style Warner mansion boasts terraces, guest houses, a tennis court, and a nine-hole golf course
2.) $125 Million for 1025 Loma Vista Drive in Beverly Hills
The six-acre estate includes a 26,000-square-foot house and was sold by Quibi founder Jeffrey Katzenberg in an off-market deal to Jan Koum, one of the founders of the messaging service WhatsApp.
2.) $125 Million for 1025 Loma Vista Drive in Beverly Hills
3.) $99.9 Million for Penthouse 76 at 220 Central Park South in New York
The duplex on the 76th and 77th floors has around 9,800 square feet of indoor space, with four bedrooms and five full bathrooms and comes with nearly 850 square feet of outdoor space.
The $99.9 million deal closed in July, more than three years after the contract was initially signed.
The transaction was the third priciest ever completed in Manhattan, according to public records.
The duplex on the 76th and 77th floors has around 9,800 square feet of indoor space, with four bedrooms and five full bathrooms and comes with nearly 850 square feet of outdoor space. The property is the latest addition to Billionaires’ Row, the cluster of high-end residential skyscrapers that are located within a couple of blocks of Central Park South
Beautiful nighttime views of the Manhattan skyline facing Midtown and Lower Manhattan seen from 220 Central Park South
The luxury building comes with central air conditioning with tenants able to use a fitness center and a pool
4.) $84 million for Hamptons Compound in Southampton, New York
Billionaire hedge fund manager Ken Griffin spent $84 million on a Hampton’s estate from designer Calvin Klein.
The property spans 7 acres and is situation on coveted Meadow Lane in Southampton.
Billionaire hedge fund manager Ken Griffin spent $84 million on a Hampton’s estate from designer Calvin Klein
5.) $75.5 million for Trousdale Estates Duo in Los Angeles, California
Taiwanese billionaire Terry Gou, who founded the Foxconn Tech group that helps construct iPhones paid $75.5 million for two neighboring homes in the Trousdale Estates area of Los Angeles in January.
Gou will be able to combine the land from both properties into one of the largest private compounds in the Hollywood Hills.
One of the homes is an eight-bedroom, 15-bath mansion and comes with an 18-seat screening room with doors said to be clad in Italian lizard skin.
Taiwanese billionaire Terry Gou, who founded the Foxconn Tech group that helps construct iPhones paid $75.7 million for two neighboring homes in the Trousdale Estates area of Los Angeles in January.
6.) $71.9 million for 8 South Lake Trail in Palm Beach, Florida
The two-acre property was sold for more than a $40 million profit in just three years. The seller originally bought the property in 2017 for $27 million.
The 1930s-era, Neo-classical property was designed by the late architect John L. Volk. His work helped bring British Colonial, Georgian, and Bermudan architectural styles to South Florida.
$71.9 million for 8 South Lake Trail in Palm Beach, Florida
7.) $70 Million for 1095 North Ocean Boulevard in Palm Beach, Florida
A former Kennedy family estate (sold by them in the 1990s) was renovated by the seller in 2015 and sold this year by New York real estate billionaire Jane Goldman, who bought the property in 2015 for $31 million.
The sprawling Mediterranean-style estate spans 15,000sq ft and sits on North Ocean Boulevard.
The estate was designed in 1923 by noted society architect Addison Mizner.
5.) $70 Million for 1095 North Ocean Boulevard in Palm Beach, Florida
Known as the ‘Winter White House,’ the Kennedys Palm Beach estate was designed in 1923 by noted society architect Addison Mizner
JFK, Jackie and their children John Jr and Caroline in Palm Beach, Florida. The family traveled to the tony town in December 1960 shortly after his surprise win against establishment candidate Richard Nixon
8.) $68 Million for 911 Foothill Road in Beverly Hills, California
David Geffen purchased this 3.3-acre property featuring an 18,500-square-foot house for $68 million. It was sold at a significant discount from the original $125 million asking price.
The 18,548sq foot mansion occupied 3 acres and comes complete with a gym, screening room and art studio.
Outside there’s an 85ft long infinity pool, a four car garage along with enough space to park 25 cars.
6.) $68 Million for 911 Foothill Road in Beverly Hills, California
David Geffen purchased this 3.3-acre property featuring an 18,500-square-foot house
9.) Hamptons Compound in East Hampton, New York
A 3.4-acre East Hampton estate with a roughly 8,000-square-foot oceanfront mansion with a waterfront pool sold for $67 million.
The estate comes complete with a 6,000sq ft guest house that also has its own pool.
A 3.4-acre East Hampton estate with a roughly 8,000-square-foot oceanfront mansion with a waterfront pool sold for $67m
10.) $63.3 Million for 2500 East Valley Road, Montecito
This 237-acre ranch with a 30,000-square-foot Monterey Colonial-style house sold after sitting on the market for six years. The original asking price was $125 million.
Rancho San Carlos is one of the largest residential properties in Montecito in Santa Barbara County.
The home comes with 12 bedrooms along with 10 additional cottages. It sold in October setting a new record for real estate in the area.
This 237-acre ranch with a 30,000-square-foot Monterey Colonial-style house sold after sitting on the market for six years. The original asking price was $125 million
11.) $63 Million for Unit 72 at 220 Central Park South, ‘Billionaire’s Row’ in New York
A nearly 6,000-square-foot apartment making the value $10,000 per square foot.
The 220 Central Park South building is seen above at sundown in New York City
The map above shows the location of 220 Central Park South – which offers unimpeded views of Central Park
12.) $62.6 Million for Unit 71 at 220 Central Park South, ’Billionaire’s Row’ in New York
A four-bedroom apartment that includes a library, a dining room, and 100 square feet of terrace space.
$63 Million for Unit 72 and $62.6 Million for Unit 71 at 220 Central Park South ‘Billionaire’s Row’ in New York
The rendering above shows a clear view of Central Park from one from the higher floors in the building
13.) $61.6 Million for Unit 69 at 220 Central Park South, ’Billionaire’s Row’ in New York
A unit occupying an entire floor was sold in September. It went under contract in 2018.
An artist rendering above shows the views enjoyed from the upper levels of the luxury skyscraper
$61.6 Million was shelled out for Unit 69 at 220 Central Park South, ‘Billionaire’s Row’ in New York
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REVEALED: The top ten most expensive properties sold this year as bottom drops out of Manhattan luxury market and exodus fuels prices in California, Florida and The Hamptons have 2129 words, post on www.dailymail.co.uk at December 29, 2020. This is cached page on World News. If you want remove this page, please contact us.