While the vast majority of the housing market continues to recover in fits and starts, the highest end is in high gear. Sales of million- and multimillion-dollar homes, which account for less than 2 percent of the market, are soaring. Contrary to popular belief, it is not all foreign cash fueling the frenzy.
"Eighty percent of the New York City market is driven by the New York City economy," said Will Zeckendorf, a real estate developer and owner of Halstead Property, a real estate brokerage firm, in a recent interview on CNBC. Zeckendorf is about to list a triplex penthouse in his new building at 520 Park Avenue. Asking price: A record $130 million.