Summer 2020

With new migrations and lifestyles, the national real estate market is more dynamic than ever.

115 Beach Lane, Wainscott, NY. Oceanfront

2.55 Acres | 11,000 SF+/- Sold by BespokeRealEstate.com Q4 2021 LP – $52,000,000

Courtesy Bespoke Luxury Marketing



In 2020, the U.S.’s overall ultra-luxury real estate market soared, despite discrepancies for individual markets. Between record-low interest rates and Covid-19, many people either purchased new secondary homes, outfitted vacation-homes to accommodate year-round living, or in many cases, fully relocated. This shifting resulted in unprecedented rates of moving, investing, and ultimately, an overall prosperous U.S. real estate market.

This bullish climate was largely led by vacation or secondary-home markets like the Hamptons, South Florida, and Colorado, each breaking records for total sales volume and quantity. However, new residents in those markets meant lost trades for more urban markets, particularly New York City, which saw a sharp 58% decline in ultra-luxury sales.

This reversal signals the most glaring trend of 2020: facing quarantine and lockdowns, many New York City residents flocked to areas with more open space and warm weather, ideal for outdoor and socially distant, safe activities. Rather than upgrading their primary residence in the city or its immediate surroundings, many chose to purchase a secondary home in the Hamptons or Florida, some even declaring it their primary residence, attracted by open space, and in the case of Florida, more favorable tax rates and warmer weather year-round.

The Bristol, Palm Beach, FL. Waterfront

10,350 SF+/- 7 Beds | 9F/2H Baths

BespokeRealEstate.com $29,450,000


“The Hamptons doesn’t have a season anymore, and I don’t believe that will change any time soon,” says Cody Vichinsky, President and Founding Partner of Bespoke. “We are seeing secondary home upgrades, full time residents, and new purchases at higher rates than ever. Coming off an already successful Q4 of 2019, Covid really compounded the success of the market. It’s all really fluid.” Still, he maintains: “New York City is not over.”

“The same is true for Florida,” says Zachary Vichinsky, the CEO and Founding Partner of Bespoke. Having moved to service the influx of new $10 million+ property buyers there, he believes that “recent events have shown us that a life outside of buzzing urban areas is viable.” The demand for full time residence in South Florida, he says, is due to the region being both a climate and tax haven.

As we cover each ultra-luxury market, we benchmark different cities based on population, demand, and inventory, with starting prices ranging from $7 million to $10 million.

Join us as we break down the top ultra-luxury markets in the country, top trades, and top trends.


As a primary locale for vacation homes, the Hamptons market has seen unprecedented trade volume in 2020, and is continuing to thrive in 2021.

Even before 2020, property sales volume in the Hamptons had been steadily on the rise, due to low interest rates and a generally improved economy. By the fourth quarter of 2019, that slow rise culminated in the highest quarterly trade volume in nearly a decade. An already improved market, coupled with a rush of individuals looking for a permanent residence outside of New York City in 2020, resulted in a 60.3% sales quantity increase, and an 83.3% sales volume increase.

There was a total of 151 $10M+ sales between 2019-2020.

This is best reflected in the sharp surge of turnkey Hamptons properties sold in 2020. From 2015 to 2019, newly renovated properties made up an average of 27% of all trades, performing at nearly the same rates as new construction trades and at about half the number of land or teardown properties. Yet in 2020, turnkey properties constituted 51% of all trades, double that of both new construction and land/teardowns the previous year. This marked a 147% jump from 2019, from 19 trades to 47.

The number of turnkey property trades more than doubled between 2019 and 2020, growing 147%.

Jule Pond, Water Mill, NY. Oceanfront

42 Acres | 20,000 SF+/-#1 Hamptons Single Property Sale.

Sold by BespokeRealEstate.com Q1 2021 LP – $145,000,000

“This shift is because the majority of turnkey properties sold in 2020 fell in the $10 to $20 million range, lower hanging fruit when put into context of the whole ultra-luxury Hamptons market,” explains Joe DeSane, Managing Director of Bespoke in the Hamptons. Trades in Q1 2021 indicate a return to the vintage distribution before 2020, with 7 turnkey sales and 6 land and teardown sales.

Interestingly, while the $20 to $40 million range homes across all types performed the same as years prior, there was a 300% surge in trades in the $40 million+ range, from 3 trades in 2019 to 9 in 2020. As owners of several legacy and iconic properties anticipated the market’s falling interest rates and recognized a growing list of captivated buyers, 2020 proved itself an optimal year to sell.

Burnt Point, Wainscott, NY. Waterfront

25 Acres | 25,000 SF+/-#1 Hamptons Waterfront Sale.

Sold by BespokeRealEstate.com Q1 2021 LP – $56,000,000


Manhattan was one of the only ultra-luxury markets in the country that dropped in 2020, by 47.5% in sales quantity, 53.6% in sales volume, and 11.1% in average sale price, across all neighborhoods, locations, and nearly all price segments. The sudden ubiquity of remote work and the increasing desire for outdoor, socially-distant activities are the primary causes for the rapid relocation of the ultra-high-net- worth community to secondary vacation markets, including the Hamptons, South Florida, Connecticut, and Colorado.

Manhattan $10M+ trades declined 47.5% in 2020 compared to 2019, an inverse of the Hamptons market.

The ten most expensive 2020 trades in Manhattan all occurred in the same building on Park Avenue South, between $53.6 and $99 million, each to anonymous buyers. While all ten units went into contract before 2020—some as early as 2015—the fact that the trades were finalized, if not expedited, in 2020 is notable.

Of the remaining $10 million+ trades in Manhattan, the majority occurred in Downtown West, which had the lowest average sales price, indicating that the majority of trades occurred in the $10 to $15 million range.

Midtown West had double the average sales price of other neighborhoods at $34.2M, a direct effect of increasing development.

24 Leonard Street PH, Tribeca, NY.

Custom Triplex Penthouse | 7,261 SF+/-

BespokeRealEstate.com – $35,950,000

Despite having the lowest sales quantity, Midtown West was the area which held the highest average sale price—about double that of all other neighborhoods— in 2019 and 2020 trades. Kristen Lukic, New York City Portfolio Manager at Bespoke, explains, “this is a direct effect of increasing development and revitalization of residential property in the neighborhood, first initiated by the opening of Hudson Yards in March 2019.” She continues, “the city is definitely not dead. I believe in regeneration, and we’re starting to see signs of an upturned demand in NYC markets for the coming year.”


In 2020, California proved itself as the market with the most growth for $10 million+ properties in the United States, with a 151% sales quantity increase, from 110 in 2019 to 277 in 2020.

Even before the pandemic, the number of prospective buyers in California outnumbered the number of properties available. With the rush of people out of New York City who worked equally between the city and Los Angeles, many found hardly a better time to permanently shift to L.A.—with better weather and more space than New York—than in the last year.

There was a total of 387 $10M+ sales between 2019-2020.

Overall, the biggest determining factors for price came down to acreage, house size, and the year the house was built, highly favoring key locations like Beverly Hills and Malibu.

A significant majority of the 2020 $10 million+ sales occurred in Los Angeles County, namely Beverly Hills, Malibu, and the city of Los Angeles. The top sale in 2020 was the Jack Warner Estate for $165 million.

In California, nearly half of all $10M+ trades in 2020 were concentrated in one county: Los Angeles. In 2020, California proved itself as the market with the most growth for $10 million+ properties in the United States, with a 151% sales quantity increase, from 110 in 2019

Bel Air Home Designed by Paul McClean, McClean Design.

Courtesy Simon Berlyn

Los Angeles County is followed by Orange County’s Newport Beach, Laguna Beach, and Corona Del Mar, which collectively made 54 trades with a $15.3 million average price, and San Mateo County, with 45 trades at a $16.3 million average price.

Notably, the counties with the greatest growth were San Mateo and San Diego. In 2019, San Mateo had 3 $10 million+ sales; its 45 2020 sales indicated a 1400% increase. San Mateo is in the heart of Silicon Valley and includes San Francisco, which historically had prices per square foot on par with New York City. Unlike New York City, however, San Mateo is spacious and has a mild climate, which, combined with low interest rates, spelled opportunity for ultra-luxury buyers.

The number of San Mateo County $10M+ sales grew by 1400% between 2019 and 2020.


Like other secondary markets, Florida’s staggering increase in sales quantity reflects a major migration to the region, one offering better climate and more space. The entire state of Florida made a total of 279 sales above $10 million in a two-year period, with 82 in 2019 and 197 in 2020. Every county in Florida with ultra-luxury inventory saw an increase in sales, except Indian River County, which had one sale each year.

The counties leading in year- over-year sales quantity growth were Palm Beach at 164% and Miami-Dade at 125%.

There was a total of 279 $10M+ sales between 2019-2020.

It is notable that before 2018, Miami- Dade County dominated the ultra-luxury market, yet in the last three years that sensation has shifted to Palm Beach. Bucking its reputation as a place for an older demographic, younger people are steadily moving there, both last year and this year. This is a main contributor to the recent increase in $10 million+ trades, and enabled Palm Beach to take first place in sales volume and average sales price over Miami-Dade County.

In 2020, Palm Beach County had 82 $10M+ trades, the same number as the entire state of Florida in 2019.

This increase also meant that in 2020, Palm Beach County, with 82 $10 million+ trades, had the same number as the entire state of Florida in 2019. “The key cities in Palm Beach County and Miami-Dade possess beaches that are alluring to visitors and prospective home buyers, and subsequently did well during the pandemic,” says Harlan Goldberg, Managing Director of Bespoke’s operations in South Florida.

Between 2019 and 2020, the number of $10M+ sales grew by 164% in Palm Beach and 125% in Miami.

Echo Brickell – Apex Penthouse, Miami, FL.

10,100 SF+/- | 5 Beds | 7F/1H Baths

BespokeRealEstate.com – $45,000,000

Before the pandemic, the majority of those who moved from New York City and its surrounding areas to South Florida were either retired or among the few able to work remotely. However, Florida’s milder year-round weather and the convenience of being near a major city, have made the region attractive to young families. What’s more, increasingly favorable tax rates have made the region particularly attractive to ultra-capable buyers looking for a permanent year- round residence.


Like many secondary vacation markets, Colorado sales saw an incredible 120% increase of $7 million+ trades between 2019 and 2020. Though Colorado had been predominantly a winter sports destination for West Coast residents, even before the pandemic, Aspen, Denver, and Vail have become increasingly popular as a year- round vacation destination for East Coasters and West Coasters alike. As such, 160 of the 223 total sales in 2020 occurred in Pitkin County, home to Aspen, culminating in just over $2 billion in residential sales.

There was a total of 324 $7M+ sales between 2019-2020.

Similarly, 38 transactions occurred in Eagle County, home to Vail, resulting in $439 million total sales volume. Pitkin also earned the spot for the highest average sales price in the $7 million+ range compared to all other Colorado counties, at $13.3 million, and for the greatest growth, at 255%.

72% of all $7M+ trades occurred in Pitkin County, home to Aspen.

It is notable that unlike other secondary markets like South Florida and the Hamptons, which experienced the largest sales transactions during peak summer seasons of Q2 and Q3, most of the uptick in sales in Colorado occurred towards Q3 and Q4, during its peak winter skiing months, where people could safely be outside and use their own gear. Colorado’s hilltops and mountains also makes each home incredibly private and spaced out, ideal for social distancing. With record-high coronavirus cases in California in November and December, and the state’s subsequent strict lockdowns, many opted to purchase a home toward the end of the year.

Between 2019 and 2020, the number of $10M+ sales grew by 255% in Pitkin County.

Home in Aspen Designed by Pembrooke & Ives.

Courtesy JC Buck

Additionally, many people who may have had a passing interest in Colorado found last year an ideal opportunity to purchase a luxury home above the value of a typical luxury estate, as Colorado often offers more square footage, upgrades, and amenities per dollar compared to other luxury markets.


Connecticut appears to be one of the pandemic’s most prominent beneficiaries, as its already stable real estate market thrived even more, with a 53.6% increase in the quantity of $7 million+ sales in 2020, compared to 2019. Fairfield County, which includes Greenwich, was responsible for 95% of all $7 million+ real estate transactions in Connecticut in 2019 and 2020 combined, taking 41 of the 43 total sales, with the other two in Litchfield County. This culminated in a $475,437,000 total sales volume for Fairfield County alone.

110 Field Point Circle in Greenwich took the title as the most expensive home sold in Connecticut, for $48 million, more than four times the maximum sale prices for homes in $10.8M. Litchfield County, Middlesex County, and New Haven County. The average sales price in Greenwich alone was $10,810,000.

There was a total of 71 $7M+ sales between 2019-2020.

Fletcher Development Residence – Darien, CT.

Courtesy Fletcher Development

The greatest trade in Connecticut was in Greenwich, at 110 Field Point Circle, for $48M.

Interestingly, this increased trend in a predominantly suburban locale, traditionally home to primary residences, is inconsistent with other primary residential markets in the tri-state area such as New York City and North Jersey. In these markets, many residents choose to purchase a secondary home or even switch their primary residence to South Florida or the Hamptons, rather than upgrading locally.


Given the shifting lifestyles toward warmer, outdoor spaces, amid significantly more time spent at home, many have reconsidered the dynamic of their living spaces.

“From a design point of view, we started seeing the rise of the home as its own sort of mini resort, as its own self-contained entity, with incredible amenities that you would find in a luxury resort,” explains leading New York architect Andre Kikoski, such as an incredible pool deck, dramatic architecture, and transitional outdoor to indoor spaces.

Villa Dol, Pointe Milou St. Barths, F.W.I.

6,452 SF+/- | 5 Beds | 6F/1H Baths

BespokeRealEstate.com – $29,950,000

For New York City residents moving to Palm Beach, for example, many have taken to artfully retrofitting contemporary design in traditional Palm Beach-style homes, in compliance with the city’s architectural regulations. “Palm Beach used to be very formal, and I think that’s changing a lot,” says Andrew Sheinman, President of renowned interior design firm Pembrooke & Ives. “Now, certainly, there's an influx of much younger people in Palm Beach, and with that has come a much more relaxed atmosphere, which is reflected in the design.”

Additionally, Covid-19 revealed a trend towards transitional spaces. “The spaces that people love to occupy are not necessarily indoors and not necessarily up to full sun,” says celebrated landscape architect Edmund Hollander. “People like being outdoors, where youʼre in a covered space, but open to the fragrance of the garden, where you can hear the birds, you can smell the flowers, yet you’re not being attacked by mosquitos.” The work his firm, Hollander Design Landscape Architects, has prioritized, with both contemporary and traditional architecture, has been responding to demand for such spaces.

Transitional spaces also allow for the home to evolve through a lens of “safety and comfort” says Kikoski, allowing it to shift away from a place of statement to one where “you are inspiring your visitors with a place of comfort, health, and wellness.”




You have Successfully Subscribed!