April
2017
Saturday, September 18, 2010
Venessa Wong, Bloomberg Businessweek
Submitted by: Editor

2010’s Most Expensive New Spec Homes

In Palm Beach, the Hamptons, Aspen, and Greenwich, luxury home builders keep developing wasteful megamansions—and hoping for tasteless buyers.

Before we get started, allow us to get something off of our chest. We believe that developers are the scourge of the earth.

Developers devastate land, waste valuable resources, pitch fantasies of growth to ethically challenged local governments and continue to accentuate and perpetuate the "more is better" mentality of a base consumer culture. Then, when their follies don't sell, they vanish leaving behind unfinished communities and partially completed buildings to rot. 

Developers deserve a reserved front row seat in Dante's Hell. 

To identify the most expensive new constructions for sale nationwide, Businessweek.com searched listings on Realtor.com, Sotheby’s International Realty, Corcoran, and Zillow.com. Some were built on spec—or built by developers for sale on the open market, not for a client—while others were custom-built for owners who later decided to sell.

While it remains a buyers market, there is some positive news for sellers: The ultra rich, or those with investable assets of at least $30 million, increased their wealth by 21.5 percent last year, and investing in residential real estate has regained appeal among the wealthy, according to the "2010 World Wealth Report" by Capgemini and Merrill Lynch Wealth Management.

  1. Windemere, FL - David Seigel's Versailles:  $100 million completed ($75 million as is), unfinished
  2. Palm Beach, FL - Dan Swanson's French Chataeu: $84 million, built in 2010
  3. Beverly Hills - C. Frederich Wehba's Sunset Boulevard mansion: $68.5 million, built in 2010
  4. Alpine, NJ - Richard Kutz: $68 million, built in 2010
  5. Bridgehampton, NY - The Sandcastle Estate: $49.5 million, built in 2009 by Joe Farrell
  6. Palm Beach, FL - Addison Development's Mediterranean Villa: $47.5 million, built in 2010
  7. Santa Barbara, CA - Monticello estate: $42.5 million, built 2010
  8. Greenwich, CN - Georgian Colonial: $36.5 million, built in 2010
  9. Aspen, CO - Mountain residence: $35 million, built in 2009
  10. Santa Barbara, CA - Glass Pavillion: $35 million, built in 2010
Posted by Editor on 09/18/10 at 02:38 PM •  (1) Comments

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