Candy Spelling, widow of television giant Aaron, has listed the Manor, Los Angeles’ largest, and arguably most opulent, house up for sale at US$150-million, out-pricing every other listed home in the country. Just down the street the owner of a sprawling classical style marble mansion is asking for US$125-million, making it the second most-expensive home in America. Yet another home for sale is in the triple-digit millions, a massive but secluded US$100-million Lake Tahoe ranch.
You’d never know the country was in a recession based on the cost of these homes. In fact, pricing for this small group of properties is even stronger than last year’s list, which was riddled with markdowns. This year’s top 10 ranges in asking price from US$650-million to US$150-million, with an average price of US$88.5-million. That’s nearly US$10-million higher than last year’s average. A handful of incredibly expensive homes have been on the market for several years at prices that have not budged through the housing crisis.
But the cost of these estates doesn’t serve as much of an economic bellwether — fluctuations of price in this stratosphere have almost no relationship to supply and demand in the broader market. At this price point, the sale of even one home can be a game changer.
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