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Most Expensive Home In The US Goes On Sale For $295 Million

The most expensive home for sale in the US has officially hit the market at a listing price of $295 million. The property is called Gordon Pointe, and is located in Naples, Florida, on the Gulf Coast within an enclave known as Port Royal. The property is also about 9-acres. 

The main house on the property is about 11,500 square feet with six bedrooms and the property has two other guest houses that are each over 5,000 square feet, making the combined total interior about 22,800 square feet. 

The three homes are located on a peninsula that has 1,650 foot waterfront with a private yacht basin and dock. 

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Co-listing agent Leighton Candler of Corcoran told CNBC that the value of the property isn’t based on the size of the three homes, but the privacy, beach frontage, and an opportunity for further significant development. 

“The property can accommodate more than 200,000 square feet of residential development, meaning the land has a ton of untapped potential,” according to the property’s press release.

“There can be eight waterfront homes on this property,” Candler added. 

The nine acres of land are made of contiguous lots. The first lot was initially purchased in 1985 by John and Rhodora Donahue. After the purchase of the first lot, the Donahues continued to buy up more and more of the peninsula until they owned the entire thing. 

Through these purchases, the Donahue’s created an exclusive, gated compound that’s almost entirely surrounded by water with a single private drive to avoid traffic. 

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“It gives you all the benefits of being on an island, but on Gordon Pointe your family can be secluded without feeling isolated,” Candler said.

Candler described that the T-shaped dock can accommodate six boats, and the Donahues constructed a private yacht basin that’s 231 feet by 50 feet and has a depth of almost 8 feet, something Candler says is a rare amenity that had to receive special approval by the US Army Corps of Engineers. 

The average listing price for properties in Port Royal is $24.1 million. Before Gordon Pointe, the highest-paid price for a home in Port Royal was for $45 million. 

“We did our best to price [Gordon Pointe] and we can defend that price all day long,” co-listing agent Dawn McKenna of Coldwell Banker Realty told CNBC.

McKenna also stated that the listing is already drawing significant interest since it first went live last Wednesday, and she’s booked eight in-person visits with prequalified buyers.

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US Home Prices Decline at Fastest Pace Since 2008 Financial Crisis

We are in the middle of the most significant two-month drop in home prices since shortly after the collapse of the Lehman Brothers in September 2008. Prices have been declining at the fastest pace since the Great Recession, prompting some experts to believe we are entering a housing market correction.

US Homebuyers Investing In Florida Real Estate 

The amount of homebuyers in Miami have tripled over the past couple of years. According to a new analysis by Redfin, in July the net inflow of Redfin users moving to Miami rose to 7,610 from 2,216 last year. 

Milagros Alvarez, a Miami real estate agent at Redfin, said that “the pandemic has brought even more out-of-towners to the area because so many people can now work wherever they want.”

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“Homebuyers are moving here from all over the map—Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few. The beaches, warm weather and low taxes are the major draws. Florida has also been much less shut down than other states during the pandemic, which some house hunters see as a positive,” said Alvarez. 

Alvarez also warned that the warm weather in Florida may seem like a main selling factor, but it also comes with its downsides. Miami is one of the most vulnerable cities when it comes to natural disasters or damages caused by weather-related events. 59% of Miami properties face some level of flood risk. 

Sea levels in Miami-Dade County are projected to rise by two feet by 2060, which would displace thousands of residents. The region also faces extreme heat risk, however, Alvarez explained that climate change hasn’t deterred Americans from flocking to the Sunshine state. 

“The homebuyers I talk to rarely mention climate change. Most of them aren’t concerned. A lot of people seem to have this idea that it won’t impact them in their lifetime, so it doesn’t need to be a consideration when buying a home.”

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Daryl Fairweather, chief economist at Redfin, warned that “the recent UN climate report shows that places like Miami will see the impacts of climate change within the next thirty years. Miami homebuyers should think about how they can make their homes more resilient to climate change and how their finances would be impacted if their homes lost value,” he said.

Sacramento, Phoenix, Las Vegas, Austin, and Atlanta have also been experiencing exponential rises in real estate investments, according to Redfin. The report also claimed that US citizens were mainly moving away from New York, San Francisco, Los Angeles, and Washington DC.

“Big, expensive cities normally lose the most residents, and that trend accelerated during the pandemic as remote work gave people the flexibility to leave expensive job centers for relatively affordable places.”

“Yet, a handful of the metros that experienced the largest outflows in July saw fewer people leaving than a year earlier—likely because many of the pandemic restrictions that made those places unattractive places to live have now been lifted,” the report said.