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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (24292)2/24/2005 4:05:26 PM
From: RealMuLan  Read Replies (1) of 116555
 
Prices spike in luxury real estate
Index reports 28% price appreciation in Los Angeles market

Thursday, February 24, 2005

Inman News
Los Angeles, Calif.

Luxury home values in Los Angeles rose a record 27.7 percent in 2004, while home prices in San Diego and San Francisco posted smaller double-digit gains in 2004, according to an index produced by First Republic Bank.

The First Republic Prestige Home Index, which has tracked luxury homes sales since 1985, found:

* Los Angeles values jumped 1.5 percent from the third quarter of 2004 to the fourth quarter of 2004 and rose 27.7 percent for the year -- the largest annual increase ever for Los Angeles. The average luxury home in Los Angeles is now a record $1.97 million, up $428,000 from a year ago.

* San Diego values declined 0.9 percent from the third quarter of 2004 to the fourth quarter of 2004, but were up 16.4 percent for the year. The average luxury home in San Diego is now at $1.84 million, up $260,000 from a year ago.

* San Francisco Bay Area values rose 0.7 percent from the third quarter of 2004 to the fourth quarter of 2004 and gained 13.7 percent for the year. The average luxury home in San Francisco is now a record $2.55 million, slightly ahead of the all-time high set in the second quarter of 2004.

inman.com
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