Posted: Feb 11, 2011 9:34 AM by Bethany Tucker, KSBY News
Updated: Feb 11, 2011 9:35 AM
California sees its first gain in the number of million-dollar homes sold since 2005.
According to real estate tracking firm DataQuick, overall California home sales declined last year. But, the number that sold for $1 million or more in 2010 rose for the first time in five years.
Last year, the firm says 22,529 California homes sold for that amount or more. That's up 21 percent from 2009.
"Prestige home buyers respond to a different set of motivations than the rest of us. Their decisions are less dependent on jobs, prices and interest rates, and more on how their portfolio is doing. When the financial world was full of uncertainty a couple of years back, and the jumbo loan market dried up, luxury sales plummeted. As the economy started its top down recovery, some wealthy buyers went looking for a bargain," said John Walsh, DataQuick president, in a press release.
Statewide, 463 homes sold for more than $5 million last year. More than 300 were in the $4 to $5 million range, 2,333 were in the $2 to $3 million range and the rest sold for between $1 and $2 million.
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