Beverly Hills beat out Manhattan neighborhoods for sales of megahomes in the past year, according to a new report.
Beverly Hills had 18 sales of homes priced at $ 10 million or more between June 2012 and June 2013, according to the Coldwell Banker Previews International Luxury Market Report. That’s down slightly from the 21 reported in the January to January period.
But it beat out the top-selling ZIP code in Manhattan, the Upper West Side’s 10023, which had 17 sales. Aspen, Colo., ranked third, with 16 sales.
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“We are seeing an influx of high-end buyers finding exclusive properties in luxury markets such as Aspen,” said Betty Graham, president of Coldwell Banker Previews International NRT.
Indeed, Beverly Hills, Uptown Manhattan and Aspen have become the dominant top three markets for the megahome market, which continues to surge. The super rich from around the world are scooping up trophy properties as investments and luxury accommodations for their increasingly itinerant lifestyle.
Coldwell expects the strong trophy-home market to continue, especially at the very top end of the market.
“It looks like we are going to have another great year with strong demand of $ 20 million plus in that area,” Graham said. “What seems to be driving the market is pent up demand and consumer confidence. We’re seeing international sales heat up as well, with trophy purchases from China, Russia, the Middle East, U.K., France, Japan Taiwan and Korea.
At the same time, inventories are coming down in many megahome markets—especially on the West Coast.
(Photo above: Aspen ranked third in sales of megahomes over the past year. Pictured here is a five-bedroom, six-bath home in Aspen that is listed at nearly $ 13.9 million.)
The number of listings in Beverly Hills priced at $ 10 million or more dropped by half, to 29 in the latest period, according to the report. Megahome inventories fell by a third in Malibu, Calif. They remained relatively flat in Aspen and Miami.
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The market for homes priced at $ 5 million or more also remained strong. Beverly Hills topped that market, with 80 sales in the 12 months ended in June. That was followed by Manhattan’s Tribeca neighborhood, then Aspen. Sales in Aspen were about even with the 12 months ended in January. Miami Beach saw a slight increase in sales, to 42 in the latest period.
—By CNBC’s Robert Frank. Follow him on Twitter @robtfrank.
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Beverly Hills, Uptown Manhattan and Aspen have become the dominant top three markets for the megahome market, which continues to surge, according to a new report.