As home values began to rebound following the foreclosure crisis, the number of multi-million dollar homes in California climbed to a record high last year. According to reports from DataQuick, there was a 47% increase (4,500) in properties sold for $2-3 million, a 31% increase in homes sold for $3-4 million, and a 29% increase in homes sold for $4-5 million.
The majority of luxury home sales occurred in 25 cities along the California coast including Manhattan Beach, La Jolla, Hillsborough, Menlo Park, and Los Gatos. California’s most expensive sale last year was an 8 bedroom, 14 bathroom beachfront mansion in Malibu for $74.5 million.
The luxury-home market “responds to its own set of economic factors,” said John Walsh, President of DataQuick. Rather than traditional factors, things like initial public offerings, stock-market performance, and investment decisions can play a greater role.
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