Sales of ultra-luxury homes priced at $10 million or more spiked in Palm Beach, Miami, and New York during the second quarter of this year, defying a broader global slowdown in high-end real estate transactions, according to a new report from Knight Frank.
Palm Beach experienced the largest growth, with sales jumping 44%, followed by a 27% increase in Miami and a 16% rise in New York. New York led the U.S. in sales of homes exceeding $10 million, recording 72 transactions, the highest in two years. Miami followed with 55, while Palm Beach recorded 36 sales. Los Angeles, which once led the luxury market, saw a 29% decline, likely influenced by a new 5.5% “mansion tax” on properties sold for over $10 million, the report said.
Notable transactions during the quarter included the sale of Palm Beach’s only private island for $150 million in May, reportedly purchased by Australian investor Michael Dorrell. Another significant deal in Palm Beach was the sale of a historic 3.2-acre estate for $148 million in June, while in Manhattan, the Aman New York penthouse fetched $135 million in July.