As the American real estate economy has taken a hit over the past few years, the drop in prices has meant only one thing to international buyers: they get more bang for their buck.
Newly released this summer, is Unique Homes Magazine’s Ultimate Homes List, compiled with the most expensive and extraordinary properties on the market for 2013, showcasing Manhattan as the top city with the most expensive properties.
“Manhattan’s always been a very international location,” says Rick Goodwin, publisher for Unique Homes Magazine. “In the last couple of years, we’ve been seeing that a lot of the big money coming in to buy, is from outside the United States.”
But what makes properties like the $125,000,000 Pierre Hotel Penthouse in New York City so attractive? It can’t be the price. Or can it?
“When you look at the cost of prime real estate in the U.S. compared to the cost of prime real estate outside of the U.S.,” Goodwin says, “we’re actually quite a bargain in terms of what you get for what you pay. Even though it’s been a lousy couple of years in the real estate world, the fact is, that just brought prices down and made them more appealing and more desirable.”
However, it’s not just the “reduced” prices that make properties like $135,000,000 Crespi/Hicks estate in Dallas, Texas so favorable to international buyers, it’s the legacy that comes with it.
“It’s a great story about architecture,” Goodwin says. “You’ve got a famous architect building a house for a very wealthy Italian family. So here’s this beautiful piece of architecture on a lot of land, just minutes from the center of the city. That combination is not something you can just recreate.”
From the $115,000,000 legendary Beverly Hills estate to the $75,000,000 Tranquilty property in Zephyr Cove, Nev., each of these residences will not only provide luxury to their buyer, but an association with a historical pedigree giving them an extraordinary legacy to leave behind.
“You’re not just buying real estate, or you’re not just buying land, in many cases,” Goodwin says. “You’re buying a history that you get to be part of.”