{"id":450423,"date":"2026-09-01T23:36:53","date_gmt":"2026-09-01T23:36:53","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/450423\/"},"modified":"2026-09-01T23:36:53","modified_gmt":"2026-09-01T23:36:53","slug":"heres-where-theres-a-mansion-shortage-deseret-news","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/450423\/","title":{"rendered":"Here\u2019s where there\u2019s a \u2018mansion shortage\u2019 \u2013 Deseret News"},"content":{"rendered":"

This headline<\/a> should say it all: \u201cWelcome to the Mansion Economy. $10 Million Is Barely Enough.\u201d <\/p>\n

But Barron\u2019s editor Andy Serwer, the author of the financial magazine\u2019s recent post, writes that it was an assessment of San Francisco\u2019s wildly priced<\/a> housing market that had him \u201cspitting out my coffee.\u201d<\/p>\n

What caused him to react was the how the market in a city where a home sold earlier this year for $56 million \u2014 and another in a neighboring community just went for $70 million<\/a> \u2014 was described by Sotheby\u2019s real estate agent Annie Williams to the San Francisco Standard in April.<\/p>\n

Wanted: More \u2018big, beautiful houses with views\u2019<\/p>\n

\u201cAs Marie Antoinette as this sounds, there really is a housing crisis at the upper end \u2014 a mansion shortage<\/a>,\u201d Williams told the news outlet. \u201cJust as there\u2019s a housing shortage for affordable housing, there are not enough big, beautiful houses with views for the demand that exists.\u201d <\/p>\n

The high-end real estate market isn\u2019t confined to San Francisco, of course, although the Bay Area city seen only a few years ago as on the decline is now struggling to keep up with the demand for homes carrying eight-figure price tags thanks to the artificial intelligence<\/a> boom.<\/p>\n

\"\"A construction crew works as homes and properties are shown in San Francisco, Friday, Oct. 10, 2025. | Jeff Chiu, Associated Press <\/p>\n

Tuesday, National Public Radio<\/a> reported San Francisco\u2019s luxury market is so competitive that \u201ceven all-cash offers of $25 million and more have gotten outbid,\u201d a situation local real estate agent Paul Kitchen called laughable \u201cjust because it is so ridiculous and so beyond the pale.\u201d<\/p>\n

In a market with a median home price of more than $1.7 million<\/a>, Kitchen told NPR that a 1,600-square-foot, three-bedroom condo priced at $2 million is a steal for what\u2019s considered an entry-level property purchase for families. <\/p>\n

A common sense shortage?<\/p>\n

Fifteen years ago, just three homes in the U.S. sold for over $50 million, Barron\u2019s reported, citing a count by Jonathan Miller<\/a>, a longtime real estate analyst and director of markets for StreetMatrix, a company that tracks home prices.<\/p>\n

\u201cNow we\u2019re getting $100 million and some $200 million homes,\u201d Miller told the magazine, with 45 homes selling above the $50 million mark nationwide last year. \u201cTen-million-dollar sales are a dime a dozen.\u201d<\/p>\n

Not quite. There were just over 1,600 homes sold for $10 million or more last year in the nation\u2019s Top 10 \u201cultraluxury\u201d markets<\/a>, around $28.6 billion in sales, Barron\u2019s noted, citing the real estate brokerage Compass. <\/p>\n

The billionaire founder of Rockstar Energy made headlines<\/a> in 2022 for breaking the record for Utah\u2019s most expensive home sale when he bought a 17,567-square-foot mansion on a Park City ski slope for $39.6 million. <\/p>\n

Two years later, an even larger mansion in Deer Valley with a private ski gondola \u201csold in the high $50 million range,\u201d according to The Wall Street Journal. Called \u201cthe most expensive house in Utah history\u201d in 2024, the new build was originally listed<\/a> at $65 million. <\/p>\n

While acknowledging the \u201cmansion mania\u201d could be interpreted as a sign of a housing bubble about to burst, Barron\u2019s Serwer concluded that \u201cmore to the point, it seems the shortage here may not be so much in mansions as it is in common sense.\u201d<\/p>\n