New York City has jumped to second place among the world's most luxurious cities based on residential sales volume. The city surpassed London in a move from third to second place, just behind Hong Kong in the top spot, according to a new report from Christie's International Real Estate...

New York also took second place in trophy sales behind Hong Kong, with seven sales above $50 million, and seven of 24 penthouse sales. The top 10 trophy sales worldwide totaled $1.24 billion, down slightly from $1.32 billion in 2016. New York City's contribution to the list was the the $91 million purchase of the penthouse at 432 Park Avenue which was fifth most expensive sale globally. The No. 1 sale was a property in Hong Kong, called the Peak, which sold for a stratospheric $360 million.

In 2017, the wealth of the world's billionaires grew to $9.1 trillion, according to Forbes, with more than 2,200 billionaires worldwide. If you include those with $500 million or more, that number increases to $11.7 trillion, said Conn. This means there is an incredible amount of capital to be deployed, he added.


One feature of the market in 2017, and continuing into 2018, is the degree to which it is a buyer's market, said Dan Conn, CEO of Christie's, particularly uber-luxury buyers. "They don't have to go the dance," he said. It's up to sellers to woo them.

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