After a few years (or a lifetime) spent in NYC, it is easy to believe that Manhattan is the center of the world. But when considered from the perspective of luxury real estate, it becomes clear that 57th Street has some serious rivals.
According to a study published in Forbes, Southern France is in fact home to world’s most exclusive properties. Addresses such as Avenue Claude Vignon in Saint-Jean-Cap-Ferrat, Avenue d’Ostende in Monaco and Boulevard de la Croisette in Cannes all command extraordinary prices that either rival or exceed those found on Manhattan’s most coveted avenues.
Just one square meter of property on Avenue Claude Vignon – which flows out through a small peninsula sandwiched between Nice and Monte Carlo — costs about $215,000, according to data compiled by international brokerage Engel & Völkers. A home there sold last year for $146 million.
Compare that to the cost of a home on Further Lane — one of the Hamptons top address, where a home sold last year for $147 million – where a square meter of property there would cost about $180,000. On NYC’s Fifth Avenue, the study found that the cost of owning a home was an only slightly more reasonable $129,000 per square meter.
Of course, studies like this are always best served with a grain of salt – for instance the study Forbes is citing is about a year old. Moreover, supply, not just cost, is as important of a factor when talking about “exclusivity.” There is also the question of if the owner, the community or the co-op board will let you in through the front door in the first place, because, alas, money can’t always buy you access.