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Most expensive home in U.S. sold for $238 million

Posted by Mehran Aram on Mon, Feb 4, 2019 @ 05:02 AM

The most expensive piece of real estate in the U.S. just sold for a staggering $238,000,000. No, it’s not a palatial estate in Beverly Hills. In fact, it’s not a home at all. It’s an apartment. Specifically, it’s a high-rise in New York City. The property at 220 Central Park South sold last month to hedge fund billionaire Ken Griffin.

The nearly 24,000 square foot apartment takes up the top several floors of a Manhattan tower overlooking central park. Not only was Griffin’s purchase the most expensive in U.S. history but it shattered the previous record by $100 million.

“Paper wealth doesn’t show; real estate does,” said Lawrence Yun, chief economist for the National Association of Realtors, describing the property as a showcase and an example of confidence in the long-term housing market. Yun predicts the apartment will double in value in 15-years.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: real estate, Mortgage rates, Central Park, Most expensive home, Ken Griffin, New York Real Estate, Manhattan

ARAMCO Report - Friday July 25, 2014

Posted by Mehran Aram on Fri, Jul 25, 2014 @ 17:07 PM

According to the National Association of Realtors, Chinese buyers are now the biggest international players in the U.S. housing market. More than half of the $22 billion Chinese purchases were made in California, Washington and New York and nearly 1/2 of the purchasers were strictly for investment. In areas such as San Diego according to CoreLogic, the inventory of homes down to only 2 1/2 months supply. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th. 

And now for something completely different: Did you know that the city of New York paid $5 million in 1853 for the land that is now central park? Today it’s worth just under $530 billion dollars!

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Reverse Mortgage, Aramco Report, The Aramco Group, San Diego, Mehran Aram, Housing Market, Aramco Mortgage, New York, National Association of Home Builders, Chinese, buyers, Central Park