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Thursday, February 17, 2011

$1+ Million Home Sales Boost California Market -Los Angeles-Platinum Triangle-Beverly Hills-Bel Air-Holmby Hills-Sunset Strip-Hollywood Hills-Luxury Estates-Mansions-Celebrity Homes-Homes For Sale-Listings-Realtor-Real Estate – http://www.ChristopheChoo

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February 17, 2011 2:46 PM EST

While overall home sales in California declined in 2010, one bright spot emerged: Sales in homes costing more than $1 million increased last year for the first time since 2005, reports DataQuick Information Systems.

$1 Million Home Sales Boost California Market

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The company reported that 22,529 homes sold for $1 million or more in 2010 in California, up 21 percent from 2009. In fact, sales of $1 million or more homes are at their highest levels since 2008, when 24,436 homes sold for $1 million-plus. Million-dollar home sales peaked in 2005 at 54,773, but have steadily declined every year through 2009.

"Prestige home buyers respond to a different set of motivations than the rest of us," says DataQuick President John Walsh. "Their decisions are less dependent on jobs, prices and interest rates, and more on how their portfolio is doing."

The most expensive home sold in the state last year: A 35,378-square-foot, 15-bedroom, 7-bathroom Bel Air home on 2.2 acres, which sold for $50 million in June.

The California cities that boasted the highest number of $1 million or more home sales last year included San Marino in Los Angeles County, Los Altos in Santa Clara County, Atherton and Hillsborough in San Mateo County, and Rancho Santa Fe in San Diego County.

Source: “Sales of $1 Million-Plus Homes Increased in California Last Year Amid ‘Top-Down’ Recovery,” Associated Press (Feb. 11, 2011)

$1 Million Home Sales Boost California Market
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Luxury home in Hollywood Hills

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Reprinted from REALTOR® Magazine Online with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2009. All rights reserved.

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$1+ Million Home Sales Boost California Market -Los Angeles-Platinum Triangle-Beverly Hills-Bel Air-Holmby Hills-Sunset Strip-Hollywood Hills-Luxury Estates-Mansions-Celebrity Homes-Homes For Sale-Listings-Realtor-Real Estate – http://www.ChristopheChoo.com

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