A posh New York City penthouse just sold for $238 million, breaking the record for the most expensive home sale in the United States.
The sale, which was reported by The Wall Street Journal, closed Wednesday to Kenneth Griffin, a billionaire hedge fund owner. The nearly 24,000-square-foot unit is under construction and it’s actually two apartments combined into one palatial pad overlooking Central Park.
As homebuyers grapple with declining affordability thanks to rising home prices, a $238 million home is unfathomable to most folks. At that price, a homebuyer putting 20 percent down would pay a monthly mortgage payment of around $978,351 — and that’s before adding in property taxes, homeowners insurance or homeowners association fees. Talk about deep pockets.
To put the jaw-dropping $238 million price tag into context, let’s take a look at how many median-priced homes that amount would buy in some of the nation’s largest metropolitan markets. We also used a mortgage calculator to determine how much a borrower’s monthly mortgage payment would be for a median-priced home in each market, with 20 percent down.
Median home price: $502,800
Monthly mortgage payment: $2,066
Number of homes you could buy with $238M: 473
Median home price: $450,100
Monthly mortgage payment: $1,850
Number of homes you could buy with $238M: 528
Miami-Fort Lauderdale-West Palm Beach, Florida
Median home price: $355,000
Monthly mortgage payment: $1,459
Number of homes you could buy with $238M: 670
Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
Median home price: $240,600
Monthly mortgage payment: $989
Number of homes you could buy with $238M: 989
Median home price: $179,100
Monthly mortgage payment: $736
Number of homes you could buy with $238M: 1,328
Source: The National Association of Realtors’ Metropolitan Median Area Prices and Affordability and Housing Affordability Index from third quarter 2018. Monthly mortgage payments are based on a 20-percent down payment for a 30-year, fixed-rate mortgage at the current interest rate of 4.62 percent. Payments include principal and interest only.