What $5 Million Buys You in Luxury Real Estate
From a 925-square foot apartment to a 1,752-acre airport plus residence, a $5-million property could be drastically different around the world.
Generally speaking, $5 million is considered the barrier of entry for luxury properties, while uber-luxury properties in the Hamptons and Greenwich, Connecticut could command at least $10 million, according to Greg Todora and Justin Petraglia, leading brokers at The Todora-Petraglia Team at Douglas Elliman.
From an investment perspective, The Todora-Petraglia Team feels that today’s best properties can be found in Portugal and Panama. Granted, risk profile, investment horizon and tax consequences should be considered before making any decisions. But according to the real estate experts, Portugal is an excellent choice because their real estate prices are generally undervalued and rental returns are strong; while Panama is especially suited for American buyers looking to hedge their real estate investments for the relatively risk-free exchange rates, diversified buying pool of global investors and increasing opportunities raised by the Panama Canal.
However, if you have specific lifestyle preferences, find out what Todora (T) and Petraglia (P) have to say about some of the most distinctive $5-million properties available in today’s luxury real estate market.
#1: EDEN STAR RESIDENCE, MONACO (925 SQUARE FEET) ($5.1M)
This amazing two-bedroom, top-floor apartment boasts stunning sea views and lovely outdoor living areas (280 square-foot terrace plus 646 square-foot garden). But at $5,552 per square foot, you must really love sailing to appreciate one of the city’s prime waterfront properties in Fontvieille.
EXPERT OPINION (T): "In cities such as Monaco, London and Hong Kong—where price per square footage is among the highest in the world, the size of your property will be substantially smaller. Yet, in return, you not only get the best location and exclusivity, but also some of the finest and most unique recreational, culinary and cultural experiences in the world."