By Lauren Riefflin
When it comes to real estate eye candy, nothing is more fascinating than viewing the most expensive homes on the market. Each property pushes home luxury to the limits, incorporating amenities most people only encounter in high-end resorts. In addition to astronomic listing prices are the sky-high monthly mortgage payments that are sometimes the equivalent of the cost of a single-family home. In the case of the top six most expensive homes for sale on Zillow, just one month’s mortgage payment can buy an average house in the same area. Take a look:
1. Frank Woolworth Mansion
Location: Manhattan, N.Y.
For sale: $90 million
Monthly mortgage: $340,798
After the Spelling Manor found a buyer, and Tranquility chopped $25M off its asking price, New York’s Frank Woolworth mansion and its $90 million list price hopped to the #1 spot on Zillow’s bi-annual Most Expensive Homes for Sale list.
In some places, $90 million can buy you a small island. On the big island of Manhattan, $90 million will buy you a seven-story home with 10 bedrooms, 11.5 bathrooms, three kitchens, a paneled library, elevator, private gym, and a formal dining room with seating for up to 50 guests. This mammoth Manhattan property is paired with a mammoth mortgage payment of $340,798/month (based on a 20% down payment of $18 million and 3.93% 30-year fixed mortgage rate).
What can you get on the Upper East side real estate market for $340,000? Not a whole lot! More specifically, a studio apartment:
245 E 72nd St, New York, NY 10021
For sale: $345,000
Features: Foyer, windowed bath, eat-in kitchen, dishwasher,new appliances, walk-in closet, and hardwood floors