RECORD SALES IN THE INTERNATIONAL LUXURY REAL ESTATE MARKET

The start of the pandemic has been a lifesaver for the wealthiest: record-breaking luxury real estate sales have been spectacular, and this phenomenon is becoming more and more recurring.

"The wealthy have gotten richer since the pandemic began, and they're willing to pay big bucks for real estate, which is driving record sales around the world," says Kelly Mangold, director of global real estate consulting firm RCLCO. " This demand, along with industry shortages, has also impacted sales prices and driven them to record levels." In short, Mangold says, the word "record" is being thrown around freely in today's residential real estate landscape, which was not the case five years ago. Some of the trends that led to this craze were already happening as the pandemic did, this one just accelerated them.

With only 30 homes, Star Island is one of Miami's most exclusive neighborhoods, attracting stars like Gloria Estefan, P. Diddy, Rosie O'Donnell and Shaquille O'Neal. One property recently went up for sale for $90 million - the highest price ever in Miami-Dade County. If the property sells for at or near the asking price, it will be a record sale for the county; the current record is $75 million. Spanning 25,000 square feet and 40,000 square feet of waterfront land, the property includes two homes. The first was built in 1924 by renowned architect Walter De Garmo. It features 11 bedrooms, 15 bathrooms and numerous amenities, including a waterfront gym, a 1,400-bottle wine cellar, a spa with a massage room and hair salon, and a large wrap-around pool.

Also in Florida, a riverfront home in Fort Myers is on the market for $15.5 million, according to the Wall Street Journal. If sold, it will be the most expensive home sale in the city. Currently, the record is $10 million, according to the Journal, for a property sold in 2007.

Last February, as reported by Mansion Global, the most expensive home in Palm Beach sold for $122.7 million. It is a special residence that was part of an estate once owned by President Donald Trump. The home spans approximately 21,000 square feet and overlooks the Atlantic Ocean. It was built in 2020 and was originally listed in January for $140 million.

The biggest sale of 2021 goes to Rupert Murdoch, who shelled out $200 million for a 340,000-acre ranch in Montana.

And then there are the records set for the entire year: As Bloomberg reports, at least 40 homes sold for more than $50 million in the U.S. in 2021 - a record and a 35 percent increase over 2020. That's a jump that has never been seen before. The eight most expensive sales, according to real estate appraiser Miller Samuels, were each $100 million or more.

In another example, Extell Development Company said two of its largest residential developments, One Manhattan Square and Brooklyn Point, each sold more than 100 units in 2021 for a total of more than $400 million in sales. Extell claims to be the only developer in New York City to have sold more than 100 units in two separate buildings in a calendar year.

Given the records that have already been set in less than a month in 2022, Mangold says the rest of the year will almost certainly be full of more action. "It's likely to continue to be a busy time for residential real estate," she says. "Calling something a record almost makes no sense in some ways, because another one is going to happen shortly after that one is set."