The comeback marks a stark contrast with the national housing market, which is still feeling the pressure of high mortgage rates and lack of supply.
Sales of $100 million homes are on track to double this year, as surging financial markets and hopes for rate cuts fuel a recovery in the ultra-luxury real estate market, according to new reports.
"It's a substantial uptick it the pace of sales, something we're not seeing at all in the broader housing market," said Jonathan Miller, CEO of Miller Samuel, the appraisal and research firm. "It was a much stronger and more robust start to the year than anyone expected," said Mike Golden, co-founder of Chicago-based @properties and of Christie's International Real Estate.
What's more, the confidence of wealthy homebuyers is largely driven by the stock market, which continues to shatter records this summer. With trillions of dollars in stock wealth being created, the ultra-wealthy are now looking to buy.
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