Christie’s: Global sales of luxury homes cooled in 2016

Airbnb rentals in central Paris capped at 120 days a year
Airbnb rentals in central Paris capped at 120 days a year

LOS ANGELES/May 10, 2017 (AP) (StlRealEstate.News) — Global luxury home sales cooled off in 2016 for the second consecutive year, even with a record number of homes selling for more than $100 million.

A report released Wednesday by Christie’s International Real Estate shows that sales of homes priced at $1 million or more edged up about 1 percent worldwide last year.

That represents a sharp slowdown from 2015, when luxury home sales climbed 8 percent, and from 2014, when sales vaulted 16 percent.

Despite the sluggish sales growth, Christie’s says luxury home prices continued to rise last year, increasing about 2 percent from a year earlier. And for the first time, 11 homes sold for more than $100 each. The priciest sale, a mansion located in The Peak neighborhood in Hong Kong, fetched more than $270 million.

ALEX VEIGA, AP Business Writer

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Kathy Bratkowski is an award-winning writer and multimedia producer. Her television work has been recognized with eleven regional Emmy® awards and multiple Telly awards. Her documentaries and programs have screened at film festivals (St. Louis International Film Festival and New York Television Festival). She writes and produces videos and web content for dozens of national corporations. In a previous life, she was a television news producer and worked in the corporate world. She is a published feature and short story writer and has an M.A. in Marketing and an M.F.A. in Creative Writing. She teaches Multimedia Storytelling (aka Convergence Media Production) at St. Louis Community College-Forest Park.