The world’s most expensive homes: Why do we care?

Every year, Forbes Magazine gets loads of press by releasing its list of the world’s most expensive homes. The 2007 list popped up on Forbes.com this Oct. 15. Sure enough, people are clicking to see the $135 million Aspen ski lodge owned by a Saudi prince and the 64-room $100-million waterfront mansion in Istanbul.

But why are they clicking?

Are people looking to jeer at these wealthy owners and their over-the-top flamboyance? I mean, who needs 64 rooms? Or are they envious? Certainly, people who do have those 64 rooms aren’t worried about not having enough dollars to make their monthly mortgage payments.

It’s probably a combination of both.

But people shouldn’t be too envious of the owners of these lavish homes. Selling a high-end home is a real struggle in today’s down residential market. How many buyers can there be for a house that retails for $135 million?

The Luxury Home Council – an organization dedicated to working with real estate agents who specialize in selling high-end homes — in June, announced that the average listing time of a luxury home, which the council describes as having an average listing price of nearly $900,000, is 152 days. The council, in its 2007 membership survey, also reported that the average buyer of luxury homes spends 11 weeks looking for a residence and views 12 homes.

So that prince better enjoy his ski lodge. Selling it isn’t going to be easy.