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New York home to priciest home sales

Dec. 18, 2007 at 11:25 AM   |   Comments

NEW YORK, Dec. 18 (UPI) -- Prices for most homes around the United States may be sliding, but the high-end market -- think eight figures -- is doing just fine, a survey found.

Real Estate in New York paced Forbes magazine's list of most expensive home sales, led by the $60 million purchase price by developer Harry Macklowe for nearly an entire floor -- less one apartment -- at the reconstituted Plaza Hotel. Mayor Mike Bloomberg made the top five, plunking down $41 million for a condo next to one he already owns.

Forbes said it developed its annual survey of the most expensive U.S. home sales by tracking media reports, talking to real-estate brokers and consultants, and reviewing public records. Private home sales and land sales weren't included.

Prices at the really high end of the housing market aren't affected by general market trends because they exist in a place beyond the general market's reach, brokers told Forbes.

"In the high-end market, it's all about wealth and a lack of property," says Mauricio Umansky, a broker with Hilton & Hyland in California. "(There) are trophy properties out there and enough billionaires out there that want to buy a trophy property."

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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