Last Time this Happened, the Housing Market Collapsed

Monday, May 30, 2016
By Paul Martin

by Wolf Richter
WolfStreet.com
May 29, 2016

“The ultimate bubble signal.”

The most expensive home listed for sale globally is in Bel Air, a neighborhood in Los Angeles. Its main house is a 74,000-square-foot monstrosity. Among the special attributes: a 30-car garage. The compound, being erected by speculative builder Nile Niami, has an asking price of $500 million.

Seven of the world’s 10 most expensive listings are in the US. Four of them are in Los Angeles, including lesser abodes, such as a 38,000-square-foot mansion with a 5,300-square-foot master suite, several guesthouses, and staff housing, for $150 million.

Other countries have cool stuff for sale too, such as Pierre Cardin’s 13,000-square-foot “Le Palais Bulles” (“the Bubble Palace”) on the French Riviera, listed for about $450 million.

More supply of speculative super-homes is coming, including this gem, according to the New York Times: “Real estate agents and developers say a home under construction in Bel Air is likely to have more than 50,000 square feet of living space” and “the world’s largest safe.” It will be listed for “around $300 million.”

For the first time ever, there are now officially 27 residences listed for sale globally with price tags above $100 million, according to Christie’s International Real Estate. That’s up 42% from last year, and up 125% from 2014!

Some super-priced homes are offered only privately, rather than through public channels, to avoid the hoopla that this sort of QE-wealth-effect creation brings. “Brokers say,” according to the Times, that with those “whisper listings,” the total “could easily top 40 or 50.”

The Rest…HERE

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