The housing sector continues to show strong signs of recovery, as mortgage rates and lower than expected inventory levels facilitate higher property values. Experts anticipate the upward trend to result in higher prices than those witnessed before the bubble crisis. However, few could have predicted the reemergence of nine-figure listings. Accordingly, brokers and real estate analysts have been made aware of several $100 million listings in the United States.
There are those who revel in the prospect of acquiring a mega property, as is evident by the number of $100 million listings that have been placed on the market recently. Those familiar with the market have acknowledged that there are more than a dozen homes within U.S. boarders that are listed or quietly on the market for $100 million or more. Those that are currently on the market are believed to top the number of $100 million-plus listings during the peak of the 2007 housing boom.
“It’s the most that I’ve ever seen,” said Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal and consulting firm. “We’re in this special period of time when nine-digit listings may not be commonplace, but they’re certainly making their presence known.”
When a property entertains the idea of selling for more than $100 million, typical amenities are irrelevant. Designer kitchens and lavish indoor pools that are synonymous with seven-figure listings are an afterthought once the price tag surpasses $100 million. Subsequently, the location in which the property is situated is often attributed to the price increase. Those homes with a nine-figure listing price are often the beneficiary of oceanfront views, an abundance of land and unique features you can’t find anywhere else.
The latest addition to the $100 million listings is on Martha’s Vineyard. The property, known as Homer’s Pond, is a secluded estate with 314 acres off the south shore of the island. Homer’s Pond has several exclusive features, some of which are a sprawling 1,200 foot oceanfront and a 35-acre fresh-water pond. The house itself is a 5,600 square foot masterpiece with 180-degree views that entertain both the ocean and pond. In addition, Homer’s Pond comes complete with a separate, one-bedroom beach house as well as a complimentary pool house.
The house is currently listed for $118 million by South Light Property, a recently formed entity created solely for the purpose of selling Homer’s Pond. “These really are amazing pieces of land,” said Charles Carlson of South Light.
Despite the hefty price tag on Homer’s Pond, it is literally dwarfed by the reigning champion of the $100 million listings. Copper Beech Farm, an oceanfront property situated atop 50-acres of premium land in Greenwhich, CT, is currently valued at $190 million. The massive price tag represents a 12-bedroom Victorian home that boasts 4,000 feet of oceanfront property.