$40m Vail sale to Dubai’s branded boom: global markets heat up
From unparalled sales in Vail, Dubai, Truckee, and Lewisville to a strong year for San Miguel’s El Centro, London’s prime rentals, and Brooklyn’s surprising defiance of seasonal trends, here’s a glimpse at seven dynamic global markets heading into 2025.
A record-high sale for Vail
When the eight-bedroom ski-in/ski-out mansion at 107 Rockledge hit the market earlier this year, it made waves as Vail’s most expensive listing. Ten months later, it has made history. The estate sold for $40 million, claiming the title of Vail’s most expensive single-family home ever sold. This isn’t its first record-breaking moment—the 12,500-square-foot property previously set a benchmark in 2017, selling for $23 million.
Liz Leeds and Debbie Gibson of Slifer Smith and Frampton, who represented the listing, credit the home’s prime location for its headline-grabbing price tag. “It’s the only true ski-in/ski-out home at the base of Bear Tree run, and its proximity to Vail Village’s top restaurants, shops and social clubs makes it unmatched,” said Leeds.
The sale also fueled Eagle County’s growing real estate market, helping push its total sales volume to $1.97 billion this year, easily outpacing 2023’s $1.7 billion.
Short-term London lets are gaining momentum, even in prestigious neighborhoods like Belgravia. (Chestertons)
Prime rentals in London continue to thrive
London’s high-end sales market might be catching its breath, but the prime rental scene is sprinting ahead. According to top London brokerage Chestertons, super-prime rentals ( £5,000 per week/ £20,000 per month) are booming, with 15% more move-ins recorded this year compared to all of 2023. The draw? Flexibility, low commitment and freedom from the financial and tax headaches of buying in an uncertain market—all of which have driven rents sky-high.
Short-term lets are also on the rise, notes Stephanie Russo of Chestertons. “There’s been a natural progression over the course of the year, especially this quarter. Our Belgravia office has agreed to 4 new short-let tenancies this November.” Among them, a two-bedroom lateral apartment on the coveted left-hand corner of Eaton Square. Russo added that much of the demand for short-lets comes from the film industry. “This year has been our biggest year for film deals in the last 3 years due to many factors, especially because of the backlog of production from the writers’ strikes in Q4 2023.”
Brooklyn defies autumn trends
Last month, Brooklyn’s real estate market showed unseasonal strength, with 666 contracts signed – a 49% jump from September and a 34% year-over-year surge. Consequently, inventory dipped 3.3% month-over-month, returning to a seller’s market after a summer lull. The Market momentum defied typical trends, with competitive closings pushing prices to unexpected autumn highs.
In Brooklyn Heights, one of the borough’s most expensive neighborhoods, October 2024 sale prices outperformed summer highs from last year. In particular, three-bedroom apartments have reached new highs, according to Jules Garcia, founder of the Waterview Advisory Group at Elegran. Garcia, who represented the buyer in a recent $3.1 million sale of a three-bedroom apartment – a record-high for the pre-war co-op building near Brooklyn Bridge Park – says that the milestone price resulted from a “highly aggressive bidding war.”
Such eagerness from buyers may be an effect of the recent decline in interest rates, and sellers have taken notice, Garcia added. “The listings I have coming to the market are already priced even higher, given the recent drop in interest rates.”
Branded residences in Dubai have soared, with luxury brands like Bulgari leading the trend. (Asifgraphy | Shutterstock)
Dubai’s branded residences raise the bar
The grand experiment of branded residences appears to be arcing towards a resounding success, certainly in Dubai, the epicenter of this booming real estate trend. From 2022 to 2024, branded developments have nearly doubled from 69 to 121, with 17 new projects debuting in the first half of the year alone. Why the exponential rise? Buyers are reportedly willing to pay a striking 69% premium per square foot.
Unsurprisingly, a unit at the Bulgari Resort & Residences claimed the heftiest price per square foot for a move-in ready apartment in Dubai. Located on Jumeirah Bay Island, one square foot of the bayside apartment commanded an impressive AED 17,000 (USD 4,630). Lina Allaoa and Kianoush Darban of Driven Properties represented the seller.
Bulgari, synonymous with signature watches and jewelry, was among the first designer brands to venture into Dubai’s branded residence market. Their latest Dubai project, the Bulgari Lighthouse, is set to debut in 2027.
El Centro is still the heart of San Miguel de Allende
In 2024, more than half of the $2 million+ property sales in San Miguel de Allende were concentrated in its historic heart, El Centro—a longstanding trend that is a testament to the district’s enduring appeal. A UNESCO World Heritage Site, El Centro is the city’s cultural centerpiece, known for its colonial architecture and landmarks, like the iconic Parroquia de San Miguel Arcángel.
Yet, amidst its historic charm, is the rare modern home. One of the year’s standout sales—a $4.2 million contemporary home—highlights the scarcity and desirability of such properties, according to selling agents Sarah Bender and Erick Sakal of CDR San Miguel. “Contemporary homes in El Centro are incredibly rare, and they’re becoming even more so, as buyers tend to hold onto them, often passing them down through generations,” they note.
Truckee’s exclusive Martis Camp community hit a $23 million milestone with the sale of a modern mountain retreat. (Tahoe Mountain Realty)
Truckee, California rebounds
After a stagnant 2023 marked by steady prices, shrinking inventory and declining sales, Truckee, California, is making a rapid comeback. Residential transactions in the first half of 2024 jumped 10%, with 10 sales topping $10 million, surpassing last year’s total of eight. While still shy of the 17 ultra-luxury deals seen in 2022, eight of this year’s $10 million+ transactions have closed in the past three months alone, indicating a renewed momentum in the northern California mountain market.
The highlight? A record-breaking $23 million sale earlier this month, the highest ever in Truckee’s exclusive Martis Camp community. According to Katie Tyler of Tahoe Mountain Realty, who represented the buyer of the 9,000-square-foot mountain retreat, Bay Area residents are mainly driving this resurgence. “Over 90% of our buyers are from the Bay Area,” Tyler notes.
A new benchmark in Lewisville, North Carolina
In the charmed town of Lewisville, North Carolina, the average listing price stands at an impressive $713,000, according to boutique brokerage Mitchell Forbes Global Properties. This figure dwarfs the state median of $400,000, placing Lewisville among North Carolina’s most coveted and high-priced markets alongside well-known hotspots like Asheville, Raleigh, and Wilmington. Grand estates set on expansive grounds have propelled the local market to new heights, with some listings climbing as high as $14 million.
Last month, the town saw a record-breaking $3.2 million sale—the highest-priced property ever closed in Lewisville. According to the listing agent and CEO/Founder of Mitchell Forbes Global Properties, John-Mark M. Mitchell, the sale was remarkable not just for its price but also for its speed. Spending only five days on the market, the timeline stands in stark contrast to the town’s average market time of 263 days.
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