How long does it take for such high-priced properties to get sold?
It can take many, many years or just a few months, but it comes down to pricing, opportunity and luck. The main catalyst at this level of the market is want, not need. The reality is, there are plenty of UHNWIs in the world who can afford assets of this nature but in terms of UHNWIs actively looking specifically for these assets, there is a much smaller number.
Do the properties fetch the price that is sought?
Buyers looking to spend upwards of $100m are very savvy and have a number of advisors working for them. Whilst, of course, a number will act on impulse, the majority of buyers like to justify their investments, even if just from a lifestyle point of view. If the guide price is sensible and the asset sits in a prime location, such as Cap Ferrat, Tuscany, Courchevel 1850, West Coast Barbados or the private island of Mustique, you will undoubtedly get interest and sales at or very near the guide price.
When such a property is up for sale, how many people are in the fray to buy it?
That really is the billion dollar question. In the current market, confidence is still low given the economic turmoil over the past number of years. This being said; agents are beginning to see an increasing number of active buyers happy to consider spending this sort of money again.