The housing market in the United States is still reeling from the aftermaths of the global recession of 2009 and even potential home buyers are a bit reluctant to step into the purchasing lines, even with the economy on the rebound. However, this doesn’t look like in the case of ultra luxury properties, where it seems that, either people have too much money on their hands or that this upper economic strata has recovered from the global downturn.
This is quite evident with the listing of a $57 million house in Newport Coast in Southern California. Developed by John McMonigle, the Villa del Lago is proven to be the most expensive property in Newport Coast and the price of the mansion has fallen from its original tag of a whopping $87 million to $57 million in just three years. Villa del Lago has been designed in pure Italian style and covers an astounding 12.5 acres with eight bedrooms, 13 bathrooms and a private lake. The entire house has been constructed in manner that would provide its occupants with a breathtaking view of the mountains and the coastline. Furthermore, Villa del Lago is constructed from marble and limestone from Italy and is also given a wine cave, pool pavilion, tennis pavilion, equestrian facilities and most amazing of all the facilities, is your very own vineyard.
With a recovering economy, the luxury property market, especially in the state of California has witnessed significant improvements, that can be affirmed with the sale of another property in the Bel Air region, that went for an impressive price of $16.75 million.
Via Housing Watch