“2017 was not kind to the high end. We knew going into that year that the second half of 2016 experienced a pull back for high end homes,” reflected Judi A. Desiderio, Chief Executive Officer, Town & Country. “Theories as to why have been swirling, but the bottom line is the demographic of our buyers of ultra-expensive luxury real estate finds the majority work or invest in the stock market. Starting in late 2016, the stock market was poised to ride a strong surge. It did just that – 2017 closed with the DOW up 25 percent. That is why we now see a strong real estate market in 2018.”
In the report, Desiderio points out that the number one spot wouldn’t have even made the list back in 2014, when the staggering sale of 62 Further Lane in East Hampton, plus two contiguous lots, topped the list at $147 million. Prior to that, the most expensive sale was in 2007 – another Further Lane estate that sold for $103 million.