Some of the homes I sell are pretty expensive.
Right now, I have a $30 million listing on Rodeo Drive, and a couple others in the $7 million range. As lofty as these numbers are, they pale in comparison to some of the prime real estate that’s hitting the market these days.
Recently, the iconic Playboy Mansion sold for a cool $100 million. And just last month a new development property billed as “the most expensive home ever listed in America” went on the block for $250 million. (It comes with a decommissioned helicopter, complete car and art collection, and seven full-time staff.) According to the MLS, there are currently 7 properties actively for sale at $80 million or more.
And that’s just here in Los Angeles.
So naturally I wondered: is there a place somewhere in the world where home prices are higher than anywhere else?
Turns out, there is.
It’s called Pollock’s Path on Peak.
Never heard of it?
Neither had I until I did a little detective work.
Literally at the top of Hong Kong island (hence its name), the Peak boasts low density, verdant walkways and jaw-dropping views of the harbor.
Exactly how expensive are we talking?
Well, consider a current listing, described as “modern and luxurious”, with 2995 square feet of living space. The asking price is $240,000,000 Hong Kong dollars, or around $32 million US.
Which works out to a mere $10,684 per square foot.
To give you a perspective: the most expensive home currently for sale in all of North Dakota is more than twice as large as the Peak property and offered at $2.8 million.
Or if you really want to spread out, you could take that same $32 million and buy all 700 acres of Little Ragged Island in the Bahamas.
The takeaway: value is wildly relative when it comes to real estate and often has nothing to do with the actual structure you’re purchasing.
It all boils down to those three little words.
Location, location, location.