Michael Karp, Gladwyne Developer, Makes WSJ List of $100M+ Home Buyers
Michael Karp, Gladwyne developer, was noted by The Wall Street Journal as one of only a handful of U.S. luxury home purchasers who shelled out more than $100 million for a home in 2022. Katherine Clarke covered the nine-digit deed acquisition.
The luxury home market regained some equilibrium in 2022, according to industry data: Eight homes in 2021 found purchasers able to finance $100-million+ price tags, whereas last year, the number dropped to seven.
There’s a notable trend afoot in these transactions: Factors inhibiting the non-luxury residential real estate market — namely rising interest rates and recession worries — don’t seem to be giving shoppers at higher price points much pause.
Jonathan Miller, of N.Y. real estate appraisal firm Miller Samuel, finds the ultra-lux home market “…separated from reality. It has nothing to do with the normal housing market.”
Karp’s purchase of the Hamptons’ Watermill, N.Y. compound for $118 million earned him the No. 4 spot on 2022 mega-transactions.
The large estate has two separate homes, making it the biggest deal of the year.
Karp apparently lost interest in the home shortly after acquiring it. Months after taking the keys, he resold the home at a loss, asking only $72 million for it.
More on Michael Karp and his record real estate transaction is at The Wall Street Journal.
Karp’s acquisition of a luxury home in the Hamptons was no anomaly; there are plenty there to choose from, for those who have the means.
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