- The rising value of stocks and other assets has helped boost the spending power of the wealthy.
- Many wealthy buyers are finding there is a limited number of luxury properties on the market.
- Some buyers are flipping properties and turning a sizable profit.
Ten days after closing the year’s most expensive mansion sale in Delray Beach, Florida for $19 million, luxury real estate broker Senada Adzem got an unexpected phone call.
“The buyer called me to say they would be selling the home. Honestly, we were surprised,” Adzem said in an interview. She recounted how the buyer explained his plans had changed. He and his family could no longer move to Florida.