Million-dollar home sales jump 26%
February 11th, 2011, 1:24 pm · 13 Comments · posted by Jeff Collins
O.C. sales: click to enlarge
Sales of Orange County million-dollar homes jumped 25.7% last year even though overall sales figures declined, according to housing market tracker DataQuick Information Systems.
In all, 3,076 Orange County homes sold in 2010 for $1 million or more, the highest number in three years. It also was the first time in five years that $1 million-plus sales transactions increased. (For a slide show of O.C.’s 10 hottest homes of 2010, CLICK HERE!)
Said DataQuick President John Walsh:
“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.”
Statewide, 22,529 homes sold for $1 million or more last year, with prices ranging up to $50 million paid in June for the Le Belvedere mansion, a 15-bedroom, seven-bathroom home in Bel Air (with storage for 5,000 wine bottles). But statewide figures show that prices paid per square foot fell slightly in the $1 million-plus category, while they rose more than 10% for the overall market.
Highlights of the DataQuick report show:
- Last year’s tally of $1 million-plus home sales was the highest since 2007, when 5,229 such transactions occurred.
- Despite the increase, last year’s total still was below the average of 3,889 $1 million-plus transactions a year for the past decade.
- Last year’s total was below the number in 2003, when 3,109 $1 million-plus transactions took place.
- Last year’s total was down 62% from 2005, when $1 million-plus transactions peaked at 8,169.
- The priciest deal in Orange County last year was the Oct. 20 sale of the Portabello Estate in Corona del Mar, which DataQuick pegged at $34.1 million.
- Four O.C. ZIP codes ranked among California’s top 25 in $1 million-plus sales totals: Newport Beach’s 92660, which includes the Back Bay (254); Laguna Beach’s 92651, which includes the coastline from Crystal Cove south to around Woods Cove (244); Newport Beach’s 92657, which includes Newport Coast (185); and Newport Beach’s 92625, which includes Corona del Mar (166).
- For a slide show of O.C.’s priciest home sales ever, CLICK HERE!
California’s tally of $1 million-plus home sales was up 21%, DataQuick reported, and was the highest total since 2008. Million-dollar sales peaked in the state at 54,773 in 2005.
| County | 2009 | 2010 | 1 yr ch |
|---|---|---|---|
| LOS ANGELES | 5,239 | 6,161 | 17.6% |
| ORANGE | 2,448 | 3,076 | 25.7% |
| SAN DIEGO | 1,578 | 1,814 | 15.0% |
| RIVERSIDE | 342 | 487 | 42.4% |
| SAN BERNARDINO | 123 | 110 | -10.6% |
| VENTURA | 405 | 497 | 22.7% |
| IMPERIAL | 1 | 1 | 0.0% |
| SOCAL | 10,136 | 12,146 | 19.8% |
| STATEWIDE | 18,621 | 22,529 | 21.0% |
DataQuick’s statewide report showed:
- The median price paid per square foot for all million-dollar homes in 2010 was $601, down 0.6% from 2009. For the overall market, the square-foot median was $164 last year, up 10.1%.
- Statewide, 463 homes sold for more than $5 million; 304 were in the $4-$5 million range; 782 were in the $3-$4 million range; 2,333 were in the $2-$3 million range; and the rest – nearly 79% – sold for between $1 million and $2 million.
- 3,380 of the homes that sold statewide for less than $1 million last year had previously sold for $1 million or more.
- 29.4% of the $1 million-plus buyers paid cash, up from 28.9% in 2009 and the highest for any year since 1994, when 32.3% of $1 million-plus sales were in cash.
- Among those who did finance their purchase last year, the median down payment was 40.1% of the purchase price.
- Among the communities where the vast majority of home sales were $1 million-plus last year: 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.
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