It may be the most repeated cliché of real estate: location, location, location. It’s the most important consideration–more than the physical home itself–when a realtor sets a price. With prices rising nationally, we thought it an apt time to take a look at the most expensive offerings on the market in every single state.
Coming up with this list, however, was a bit of a logistical challenge. There are more than 800 multiple-listings services in the United States, and calling each individually seemed an inefficient way to go. On top of that, some of the highest-priced homes never appear on any listings service at all. So to get a good sense of what’s out there, we partnered with Realtor.com, a site that claims to display 98% of the properties available on the American market. They provided us with a starter list of the most expensive residential properties for sale in each state, as of Jan. 6. From there, we knocked out a few of the Realtor.com listings in favor of more expensive homes–in Texas and New York, specifically–that we knew were being offered at higher prices and called luxury brokers to make sure we’d gotten the big ones in this package. (If you know of others we missed, please do let me know!)
What’s interesting about the list, of course, is how widely listing prices vary by state: from a low of $2.975 million to a high of $140 million. Just goes to show, again, that location is everything when it comes to price. For instance, if it’s a 10-bedroom home you’re after, three of our Most Expensive Homes For Sale In Your State could fit the bill. In Jackson (Pop. 9,577), a town in the Jackson Hole valley of Wyoming, that 10-bedroom residence will set you back $24.75 million. For the money, you’d get 14,277 square feet of living space divided among a few buildings, including a 6-bedroom guest home and 4-bedroom main home, both of which are situated on 72 acres of the Bar B Bar Ranch. The property includes a squash court and climbing wall, as well as frontage of the Snake River and gorgeous views of the Teton Mountain Range. It is a newer residence, built in 1990. If you’d rather own 10 bedrooms in Florida, that will set you back $59 million. Florida’s most expensive listing is a Palm Beach property that boasts 17,874 square feet, divided among two main residences and three staff or guest houses. These structures, built in 1921, are situated on four oceanfront acres. And finally, a 10-bedroom in Maryland would give you 6.33 acres of beachfront for the lowest price among of the 10-bedroom properties, at $18 million.
The lowest-priced home on our list is in South Dakota, a custom-built, 10,000-square-foot log home on 138 acres that has six bedrooms, six fireplaces and 4.5 baths, and boasts views of the scenic Spring Creek Canyon. The property also includes a guest cabin. Its $2.975 million price tag is well under many of the pricier two-bedroom apartments listed in Manhattan–and sure includes a whole lot more land.
On the other end of the spectrum, Connecticut is home to the most expensive property officially on the market right now. (We’re not counting Los Angeles’ Owlwood estate, which is quietly being shopped around off-market for $150 million, under a password-protected website.) Copper Beech Farm, situated on 50 acres in Greenwich, Conn., boasts roughly a mile of waterfront along the Long Island Sound (counting the frontage on two offshore islands included in the deal). The primary residence is a 13,519 square-foot, 12-bedroom French-renaissance mansion, with seven full baths and two half baths. The asking price is now $140 million, down from an initial $190 million.
The state with the second most expensive property on the market is Texas, home to the Crespi-Hicks Estate, which is being offered at $135 million. It’s situated in the Mayflower Estates section of Dallas’ Preston Hollow neighborhood, a prestigious enclave that is home to a number of prominent residents, including former U.S. President George W. Bush, former Dallas mayors Tom Leppert and Laura Miller and her husband, retired Texas legislator Steve Wolens. The Crespi-Hicks Estate is on 25 acres, with 42,500 square feet of living space including a five-story main house, a two-story guest house and a three-story pool house. The compound was commissioned by Italian Count Pio Crespi, and was the last residential project of architect Maurice Fatio before his death in 1943. Current owners Thomas and Cinda Hicks hired Peter Marino to restore the estate and spent nearly a decade and as much as $100 million bringing it to its current glory.
New York ranks third in terms of the priciest top listings, thanks to Manhattan’s Residence at The River House, which is on sale for $130 million. The five-story building is unique in that it hasn’t been used as a private residence before — it’s been the River House’s private club since 1931, when the elite co-op building first opened. The listing agents are marketing the property with architectural renderings of a proposed renovation.
Crespi-Hicks, The River Residence, and the Beverly Hills property–which was once home to publishing magnate William Randolph Hearst and actress Marion Davies–are not listed on an MLS, but via their own listings page. Our state-by-state list does not include any “pocket listings,”(sometimes called a hip pocket or a “whisper” listing), in which a seller informally works with a broker to quietly market and gauge buyer interest among a potential client group. Nor does the list, of course, include super-secret confidential sales involving homes that never officially go on the market at all. But we know these homes are out there. Right now in New York alone, there are rumors of a super secret listing in the $150 million range. If you know the address, you know where to find me!
Returning to the least expensive states, North Dakota is a close second to its neighboring state, with a $3.25 million, 7,451-square-foot, 6-bedroom offering in Fargo. The state boasting the third least expensive (of our most expensive) listing is Nebraska with a $3.9 million, 9,376-square-foot home with a five-car garage in the town of Ashland. The median price on the list is $15,447,500, and at $15,995,000, a 28,469-square-foot, 13-bedroom, 13-bath riverfront estate on 3.84 acres in Post Falls, Idaho, is just about in the middle of the pack.
By: Erin Carlyle, Forbes Staff