The ultra-rich went on a real estate buying binge at the end of last year, according to new data from the Knight Frank, a global real estate consultancy, cited by Mansion Global. The firm attributed the boom to a strong global economy, end-of-year gains in the S&P 500 and Nasdaq and the growing fortunes of the wealthy.
Sales of $10-million-plus homes (trophy homes) reached 558 transactions in a dozen major financial centers, up 30% from the previous year. Dubai recorded the most, while New York City followed with 87 purchases, almost twice as many as the previous year, Knight Frank reported.
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Other cities named that saw significant increases in trophy home sales in Q4 of 2024 were Miami and Palm Beach, Florida, the city of President Donald Trump’s Mar-a-Lago property.
Square footage, amenities and even the views can vary significantly by location and property. Here’s what $10 million buys in different cities across the United States. Also discover the top 10 states where the ultra-wealthy can find the most luxury housing.
Los Angeles, California
Home prices can go up to $177 million and higher in Los Angeles, according to Zillow. Still, with $10 million, you can buy a single-family home or luxury condo in the prominent West Side neighborhoods of Belair, Beverly Hills, Brentwood and along the coast with private beach access and expansive inland estates in Malibu.
Fifty percent of properties at this price point are purchased for cash by celebrities and foreign investors, according to Accardo Real Estate, so if you’re planning to finance your purchase, there may be limited availability.
Features include thousands of square feet, multiple bedrooms and bathrooms, accessory dwelling units and guesthouses, sparkling pools and panoramic views from beachfront and hilltop residences.
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New York City
In New York City’s “trophy market,” buyers can find townhouses, condos, co-ops and lofts in luxury buildings throughout Manhattan and Brooklyn. Many of these high-end residences offer expansive penthouses with personal elevators, stunning views of the New York skyline, rooftop decks and private outdoor spaces. Other amenities include door attendants, concierges and dry cleaning services.
White Plains, New York
Just North of Manhattan is Westchester County, with many affluent homes for sale, such as the Ritz-Carlton Residences Westchester in White Plains.
Throughout Westchester, you can find single-family estates and mansions on large acres of land and penthouses with multiple bedrooms, bathrooms and amenities. Features may include imported marble and luxurious finishes, chef’s kitchens and plenty of outdoor space.
Easthampton and South Hampton, New York
If you’re looking for upscale living for year-round and summer vacation homes, you can find sprawling waterfront and inland estates in Southampton and East Hampton. While home prices can reach $95 million, there are many gems within a $10 million budget.
Residences in the Hamptons showcase unique architecture, sprawling acreage, beachfront properties, swimming pools, and generous interior square footage. Features include luxury finishes and amenities with access to the area’s quaint eateries and venues.
Miami, Florida
Ten million dollars affords buyers waterfront access in Miami with breathtaking views of Biscayne Bay and the Atlantic Ocean. Many residences have five bedrooms or more, canal dockage, skylights, infinity pools, outdoor spaces, and unobstructed views of Miami beaches, as well as access to the Design District, world-class shopping, dining, entertainment, and Miami International Airport.
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This article originally appeared on GOBankingRates.com: What $10 Million Buys in Different US Cities
