Luxury Trends in Real Estate - July 2020

THE LUXURY DIVISION Recent Significant Sales with Compass 24910 Pacific Coast Hwy, Malibu, CA 5 Bed | 6 Bath | $21,500,000 Represented by Chris Cortazzo 2529 S Coast Hwy, Laguna Beach, CA 12 Bed | 11 Bath | $12,500,000 Represented by  Azita Sadeghi 40 Gramercy Park, Manhattan, NY 6 Bed | 6 Full Bath | 3 Half Baths | $12,175,000 Represented by Josh Doyle, Josh Wesoky, & Nick Gavin  32 Boulder Vw, Irvine, CA 7 Bed | 7 Full Bath | 2 Half Baths | $10,475,000 Represented by Lena Ghezel Compass Luxury In The News This $100 Million Resort-Like Estate Is The New Jewel Of Bel Air Majestically perched atop a canyon with unobstructed views of Bel Air, this newly built, hillside compound dubbed “UNICA” spans over 40,000 square feet and completely redefines ultra-luxury living. Michael Jordan Lists Chicago Estate For $14.9 Million After ‘The Last Dance’ NBA Superstar Michael Jordan's seven-acre estate is as legendary as His Airness himself. The 56,000 square foot property-equipped with every conceivable luxury amenity-is a physical monument to his tireless dedication and hard work. Read more What we are hearing  in  the luxury space  Despite a loss of momentum in the global economy and a still turbulent geopolitical environment, financial markets saw a bullish performance on the whole. Asia recorded the fastest rise in billionaire numbers in 2019, but North America recorded the most dynamic gain in wealth. The wealth, and the wealthiest in particular, have been expected to step up in this crisis.  Giving was in the form of non-monetary commitments or was made anonymously.  Wealth creation in the Middle East and Latin America and the Caribbean was subdued, with declines in overall Billionaire population.  Source: Wealthx Billionaire Census Regional Luxury Spotlight  New England:  Cape Cod & The Islands This month, we’re taking a closer look at the second home market spanning Cape Cod, Nantucket, and Martha’s Vineyard.  With demand at record highs in a widely non-leveraged seller community, pricing remains strong despite broader economic conditions. After an initial slow-down during the early weeks of uncertainty surrounding COVID-19, demand in the Cape and Islands has come roaring back, outpacing recent years’ activity in some cases.  As summer arrives and urban buyers are increasingly eager to escape the city, low inventory – down 20% YoY – continues to drive tight pricing in the luxury market.  Read more Prestigious Properties  On The Market 8 Hither Ln,  East Hampton, NY 11937 Just moments from ocean beaches, the Maidstone Club and world-class shopping, this move-in ready home sits on 2+/- acres on one of the most coveted streets in East Hampton Village. Represented by  Lori Schiaffino 8 Bed | 9 Bath | 2 1/2 Bath |  $25,995,000 4731 Lake Rd,  Miami, FL 33137 A one-of-a-kind exceptional home, beautifully crafted with exquisite finishes, this Bay Point estate is a modern work of art.   Represented by Betsy Magde and  Marissa Kartheiser.  7 Bed | 8 Bath | 1 1/2 Bath | $12,900,000 See more properties Stay up to date with Compass' latest luxury listings and news. Visit luxuryatcompass.com Kenneth Lo REALTOR® M: (202) 256-9332 ken.lo@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass is a licensed real estate broker. Equal Housing Opportunity.