Existing Home Sales of High-End Housing, Sept 2010 versus Sept 2009 :
Home Sales of 1 million dollars plus UP 1 PERCENT in the Northeast
Home Sales of 1 million dollars plus UP 2.4 PERCENT in the Midwest
Home Sales of 1 million dollars plus UP 7.2 PERCENT in the South
Home Sales of 1 million dollars plus DOWN 2.5 PERCENT in the West
Home Sales of 1 million dollars plus UP .4 PERCENT in the U.S.
Compare that to Sales between $500,000- $750,000
Home Sales DOWN 11.6 PERCENT in the Northeast
Home Sales DOWN 14.0 PERCENT in the Midwest
Home Sales DOWN 12.1 PERCENT in the South
Home Sales DOWN 21.0 PERCENT in the West
Compare that to Sales between $100,000-$250,000
Home Sales DOWN 21.5 PERCENT in the Northeast
Home Sales DOWN 33.5 PERCENT in the Midwest
Home Sales DOWN 24.2 PERCENT in the South
Home Sales DOWN 20.1 PERCENT in the West
SALES DISTRIBUTION IN THE U.S.
$0-100K 23.9 %
$500-750K 5.9 %
$750-1 M 1.7%
$ 1 M + 1.7 %
1. High-end buyers face competition from buyers around the world who want a trophy property in California. Many of these buyers see that prices have adjusted down the past few years and see terrific buying opportunties now.
2. The Number of Sales are higher in 2010 for homes over 10 million than in 2009! On the Westside of Los Angeles approx 50 homes over 10 million have sold- more than 2009. In 2009, 39 homes sold, in 2008, 47 Home Sold, in 2007, 71 Home Sold.
3. Between Jan and Oct 27 2010, more homes over 1 million dollars have SOLD than in 2009 during the same period in high-end areas Santa Monica, Beverly Hills, Bel Air (per MLS) Beverly Hills 43 more homes, Santa Monica 10 more homes, Bel Air 19 more homes.
4. According to Trulia.com, Beverly Hills California is the city with the second highest increase for on-line homes searches on Trulia. This could indict higher number of future sales in the area.
5. In October, a home just closed in Malibu for 40 million dollars!
6. San Diego, Los Angeles & San Francisco continue to see prices rising year over year! (San Fran up 7.82%, Los Angeles up 5.36%, San Diego up 6.95%) Other cities seeing prices up yr over year: Minneapolis, Boston, Phoenix up .40 %, Washington D.C. up 4.49%)
7. The Robinson-May commercial property that sold in 2007 for 500 million just sold to foreign investors for 148 million. The buyers will develop property into high-end luxury condos.
8. A decade ago mortgage rates were almost double they are today and home prices are about 22 percent less than 5 years ago. And housing affordability conditions today are 60 percentage points higher than during the housing boom.