The biggest deal for a single-family residential property last year was for $110 million, falling just shy of the $137 million record, according to the Wall Street Journal. But, this was by no means the only mega-deal of 2018, despite the cooling markets, the publication writes.
Where the Properties Were and What They Went For
The 2018 deals, tracked by appraisal firm Miller Samuel, show that sellers are more willing to negotiate, according to Miller Samuel founder Jonathan Miller, the Wall Street Journal writes. In New York, for example, prices have fallen due to a surge in new condos, rising interest rates and fewer international buyers, according to the publication.
But this didn’t exactly stop sales. Last year’s largest, valued at $110 million, was for a 4,600-square-feet property in Malibu, California, the Wall Street Journal Writes. The title of second-biggest goes to two deals; the $85 million or $90 million sale of a 68,831-square-feet property in Palm Beach, Florida, and the sale of an 18,000-square-feet townhouse in New York’s Upper East Side for $90 million, according to the publication. The full amount of the Palm Beach sale is not publically available due it being structured as a long-term lease, the Wall Street Journal writes.
Third place was also tied, between a property in Bel-Air, which has about 25,600 square feet total, and a 15,000-square-feet mansion in Malibu, with each going for $85 million, the publication writes. The next largest sale was that of a penthouse at 520 Park Avenue in New York, for $73.8 million, according to the Wall Street Journal. Finally, there was the $68.82 million sale of a farmhouse-style property in Los Angeles that measures about 12,800 square feet on around 2.2 acres, the publication writes.