The Superbowl signals the start of the Spring Real Estate Season and every year I do a review of the high end market that I call the Real Estate Superbowl. Someone asked me why I do a show about 5 million dollar houses when so few people are in that market? ; The high end is a good economic indicator for the general economy, and if you happen to hit the lottery this week, you will want to know what is and isn't a good buy. Last year there were 131 sales over a million through RI MLS, compared to 91 sales in 2009. 9 homes sold for over 5 million last year, with three properties setting record prices. Most of the high end sales happened in the last half of the year, and more than a third happened in the last quarter. The biggest sale of the year 333 Beavertail Road in Jamestown sold for $7.8 million in November and set a record for that town. The state's second highest sale, 580 Ocean Road for $6.4 million was a record for Narragansett as well. A record was set in Bonnet Shores as well when 90 Colonel John Gardner Rd. sold for $3.4 million in October. This Week's Real Estate Insight: According to NAR, the million dollar plus market was the largest growing segment in every region last year. A recent Wall Street Journal article stated that 30% of high wealth families (those with $50 million or more) are planning on buying residential Real Estate this year. The Real Estate Superbowl
- By Michael McCann
- Posted
The Superbowl signals the start of the Spring Real Estate Season and every year I do a review of the high end market that I call the Real Estate Superbowl. Someone asked me why I do a show about 5 million dollar houses when so few people are in that market? ; The high end is a good economic indicator for the general economy, and if you happen to hit the lottery this week, you will want to know what is and isn't a good buy. Last year there were 131 sales over a million through RI MLS, compared to 91 sales in 2009. 9 homes sold for over 5 million last year, with three properties setting record prices. Most of the high end sales happened in the last half of the year, and more than a third happened in the last quarter. The biggest sale of the year 333 Beavertail Road in Jamestown sold for $7.8 million in November and set a record for that town. The state's second highest sale, 580 Ocean Road for $6.4 million was a record for Narragansett as well. A record was set in Bonnet Shores as well when 90 Colonel John Gardner Rd. sold for $3.4 million in October. This Week's Real Estate Insight: According to NAR, the million dollar plus market was the largest growing segment in every region last year. A recent Wall Street Journal article stated that 30% of high wealth families (those with $50 million or more) are planning on buying residential Real Estate this year. 
