With file inflation, rising rates of interest and crashing shares, this yr didn’t depart the true property market unscathed. In March, Forbes contributor Mike Maher requested the urgent questions: Will the housing market proceed to bubble? Will it burst? Is there even a bubble? By December, the reply was right here: The steeply rising house costs introduced on by lack of provide had been adopted by a collapse that’s anticipated to proceed into 2023.
All this unpredictability drove some to new zip codes—an inventory of essentially the most and least costly states to dwell in proved useful—and others to worldwide waters. However in New York, realtors had been nonetheless dreaming large: The tallest house on the planet listed for $250 million in September, a triplex at Central Park Tower that guarantees a style of the excessive life—from 1,550 toes above the bottom.
West Coast listings had been equally supersized, even when they felt the affect of luxurious house costs dropping. The most important property in Los Angeles, which took 10 years to construct and is aptly named “The One,” fetched $144 million when it bought to Trend Nova CEO Richard Saghian in March, a steal in comparison with its unique $295 million itemizing worth. Loads of different notable—and infamous—estates listed this yr, from Elvis Presley’s $5.6 million honeymoon home in Palm Springs and Cindy Crawford’s $70 million former Malibu mansion (now owned by Kim Kardashian) to Jeffrey Epstein’s $125 million private Caribbean islands. And on the opposite facet of the globe, a home in one among Hong Kong’s most unique neighborhoods set a file in June when it bought for $111 million.
Listed here are the posh actual property tales that captured 2022’s greatest developments.
The Most Costly U.S. Actual Property Gross sales
By Lauren Beale
What higher option to ring in 2022 than to replicate on the earlier yr—particularly one as wealthy as 2021’s. Pandemic-driven demand from ultra-high-net-worth consumers in search of to increase their portfolios meant a lot of final yr’s luxurious actual property gross sales had been record-breakers. Notable offers embrace Alibaba cofounder Joseph Tsai’s $157 million two-condo buy on New York’s Billionaires Row and Marc Andreesen’s $177 million piece of Paradise Cove in Malibu.
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‘Promoting Sundown’ Star Christine Quinn And Her Husband Have Plans To Disrupt The Actual Property Trade
By Emma Reynolds
Superstar dealer Christine Quinn and her husband, Christian Dumontet, a tech entrepreneur who bought his firm Foodler to Grubhub in 2017 for $65 million, wish to make buying actual property with cryptocurrency simpler than ever. That’s the thought behind their app, RealOpen, which launched in April. “A number of brokerages are very cautious about accepting crypto as a result of they do not perceive the inside workings of it,” says Quinn. The platform’s objective is to assist anybody, wherever perceive and use crypto in actual property by turning all-crypto gives into money and accounting for worth volatility.
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Inside A $19.9 Million Hollywood Hills Mansion
By Forbes Video
If Los Angeles is the town of angels, this $19.9 million hilltop estate is seventh heaven. Previously owned by actor Leslie Nielsen (of Bare Gun fame), the ten,000-square-foot property has unbeatable panoramic views. The property has even loved its personal 15 seconds of fame: It was featured within the remaining season of HBO’s Ballers.
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$500 Million Roman Villa With Caravaggio’s Solely Ceiling Portray Fails To Promote At Public sale
By Carlie Porterfield
In 2021, an Italian villa made headlines for an uncommon piece of decor: The one recognized ceiling portray by Sixteenth-century artist Caravaggio, present in a lobby. The masterpiece introduced the 400-year-old property’s worth to a surprising $532 million—however the house hasn’t had a lot luck discovering a purchaser. This yr, it did not promote at public sale 3 times, which the proprietor—a Texas-born Italian princess—blames on an absence of help and advertising and marketing from the public sale firm.
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Inside King Charles III’s $25 Billion Actual Property Empire
By Giacomo Tognini
Upon inheriting the throne in September, King Charles III gained loads of locations to hold up his crown: the brand new British monarch now lords over seven palaces, 10 castles, 12 properties, 56 cottages and 14 historical ruins. Forbes reporter Giacomo Tognini took a glance inside an actual property portfolio match for a king.