Wednesday, February 28, 2007

First Home Buyers Not Welcome

The most expensive home sold in 2006 was a $58 million, 10,000-square-foot mansion located on a 63-acre estate in New Jersey (a bit lower than 2005’s $70 million Palm Beach, Florida estate), according to the Institute for Luxury Home Marketing.

Pricey real estate was a growing trend in 2006, with the number of U.S. homes sold for $5 million or above up about 11% over 2005. The Institute reports that a global commodities boom, success on Wall Street, and strong corporate profits were key factors in the higher demand for luxury homes.

The most expensive home currently on the market is Updown Court in Windlesham, England - $139 million for 103 rooms, 5 swimming pools, and a heated marble driveway.

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