Record for luxury home sales
Coldwell Banker reports a 47 percent increase in the number of million-dollar homes sold by firm affiliates in 2004.
NEW YORK (CNN/Money) - The million-dollar house isn't such a novelty it seems.
According to a survey of Coldwell Banker affiliates, which is one of the largest national sellers of luxury property, the number of houses that sold for at least seven figures increased 47 percent in 2004.
The firm's affiliate closed a total of 20,292 such transactions, with the average sale price for this segment ringing in at a record $1.7 million.
California accounted for more than half of this segment's total sales volume, with nearly $20 billion in luxury home sales. Florida took a distant second with about $3 billion in total luxury sales recorded by the firm, followed by Massachusetts, Illinois, Connecticut, New Jersey and New York.
The largest single transaction for Coldwell Banker was a $30 million house in Beverly Hills.
In Irvine, Calif. the number of million-dollar properties sold by Coldwell Banker quadrupled and in Longboat Key, Fla. the number of such sales tripled.
Rising household wealth and escalating home values have resulted in a significant increase in the number of million-dollar homes in recent years. In the most expensive housing markets, in fact, a million-dollar house may not even meet most buyers' definition of "luxury."
Below are the top 75 luxury markets ranked by Coldwell Banker's total sales volume for this category.
| City |
State |
Sales
volume |
Change |
| Los Angeles |
CA |
$1,677,115,327 |
56% |
| Beverly Hills |
CA |
$1,015,602,005 |
61% |
| San Francisco |
CA |
$859,196,439 |
49% |
| Newport Beach |
CA |
$821,168,950 |
89% |
| Malibu |
CA |
$669,607,770 |
16% |
| Laguna Beach |
CA |
$485,251,829 |
139% |
| Montecito |
CA |
$460,292,000 |
127% |
| Pacific Palisades |
CA |
$440,591,357 |
14% |
| Palo Alto |
CA |
$405,854,862 |
89% |
| Santa Monica |
CA |
$399,851,703 |
16% |
| Rancho Santa Fe |
CA |
$384,449,132 |
46% |
| Los Altos |
CA |
$379,779,485 |
20% |
| Los Gatos |
CA |
$375,387,112 |
52% |
| Boston |
MA |
$339,552,317 |
74% |
| Miami Beach |
FL |
$317,156,740 |
138% |
| Menlo Park |
CA |
$315,983,621 |
37% |
| Saratoga |
CA |
$314,393,174 |
40% |
| Washington |
DC |
$305,380,626 |
85% |
| Atherton |
CA |
$302,850,250 |
66% |
| Santa Barbara |
CA |
$284,939,717 |
9% |
| Honolulu |
HI |
$282,379,834 |
69% |
| Westport |
CT |
$276,719,388 |
59% |
| Newport Coast |
CA |
$273,362,844 |
78% |
| Chicago |
IL |
$266,560,442 |
48% |
| San Jose |
CA |
$249,121,123 |
105% |
| Carmel |
CA |
$241,921,495 |
76% |
| Calabasas |
CA |
$228,962,697 |
76% |
| Greenwich |
CT |
$220,041,958 |
44% |
| Corona Del Mar |
CA |
$218,027,260 |
86% |
| Wellesley |
MA |
$215,175,880 |
47% |
| Pasadena |
CA |
$214,895,808 |
36% |
| Fort Lauderdale |
FL |
$206,909,907 |
28% |
| Boca Raton |
FL |
$197,009,351 |
-3% |
| Los Altos Hills |
CA |
$196,328,072 |
30% |
| San Diego |
CA |
$184,715,270 |
78% |
| Naples |
FL |
$183,168,264 |
15% |
| La Jolla |
CA |
$183,095,068 |
39% |
| Woodside |
CA |
$180,494,000 |
-15% |
| Longboat Key |
FL |
$176,049,422 |
150% |
| Lake Forest |
IL |
$172,878,725 |
17% |
| Scottsdale |
AZ |
$168,171,371 |
38% |
| New York |
NY |
$165,161,540 |
47% |
| Pebble Beach |
CA |
$163,701,625 |
62% |
| Miami |
FL |
$161,944,115 |
24% |
| Weston |
MA |
$161,389,225 |
26% |
| Paradise Valley |
AZ |
$154,370,211 |
2% |
| Winnetka |
IL |
$153,772,050 |
16% |
| Portola Valley |
CA |
$150,805,750 |
16% |
| Mercer Island |
WA |
$147,994,430 |
119% |
| Irvine |
CA |
$141,547,542 |
215% |
| Del Mar |
CA |
$140,418,900 |
59% |
| San Marino |
CA |
$136,908,913 |
36% |
| Newton |
MA |
$128,951,715 |
21% |
| Hancock Park |
CA |
$127,805,950 |
44% |
| New Canaan |
CT |
$126,125,100 |
116% |
| Tarzana |
CA |
$124,026,700 |
131% |
| Dallas |
TX |
$122,649,105 |
-23% |
| Cupertino |
CA |
$122,343,225 |
133% |
| Coral Gables |
FL |
$121,874,750 |
21% |
| Burlingame |
CA |
$121,504,856 |
135% |
| Palos Verdes Estates |
CA |
$121,349,503 |
-1% |
| San Mateo |
CA |
$120,886,775 |
71% |
| Brentwood |
CA |
$119,197,835 |
-30% |
| Hillsborough |
CA |
$117,321,812 |
1% |
| Westlake Village |
CA |
$114,565,235 |
-14% |
| Mill Valley |
CA |
$113,647,794 |
35% |
| Rancho Palos Verdes |
CA |
$112,339,750 |
58% |
| Redwood City |
CA |
$112,039,391 |
97% |
| Sarasota |
FL |
$108,874,135 |
11% |
| Encino |
CA |
$105,866,250 |
-11% |
| Kihei |
HI |
$104,820,000 |
-14% |
| Annapolis |
MD |
$101,283,697 |
54% |
| Wilmette |
IL |
$100,955,000 |
50% |
| Sherman Oaks |
CA |
$97,058,240 |
124% |
| Granite Bay |
CA |
$96,843,959 |
62% |
| City |
State |
Sales
volume |
Change |
Source: Coldwell Banker. Released February 24, 2005
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