It's not just tract homes and
fixer-uppers that are selling for record prices in California,
luxury real estate
saw record prices as well in 2004. In a survey last
year home values climbed dramatically in Los Angeles
and in San Diego they were up a whopping 21%!
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Estate values locally
Types of homes
Luxury Real Estate Prices
Upper end real estate prices can also appreciate and make
a good investment financially as well as being the most enjoyable
purchase of a lifetime.
San Diego values increased to $1.64
million, the fourth consecutive quarterly record. "Luxury
home values in California rose sharply in the first quarter
of 2004 due to strong demand, limited inventory, an improving
economy and concern that interest rates, which are still low
by historic standards, should continue to rise.
All three urban California markets
are very strong. The San Francisco Bay Area, luxury home values
recorded their largest quarterly increase in almost three
years, the bank's survey found. Average values were $2.37
million in the first quarter, slightly below the record set
in the second quarter of 2001, when values stood at $2.39
million. Some pieces of desirable
real estate are seeing multiple offers, and homes sell for
prices over the asking on certain properties. This is on properties
that are well priced, in a good location and are in good condition.
There are several different luxury price ranges:
The 1 to 2 million dollar
range - this is characterized by new and/or modestly
sized homes on lots usually under one acre
The 2 to 3 million dollar
range - this is characterized by larger homes often
on parcels over 1 acre with more bathrooms than bedrooms
The 4 to 5 million dollar
range - this is an exclusive luxury range of home
prices and has some one of a kind properties
The 6 million and over range
- these are the most expensive and desirable properties
and estates often on 5 acres or more or land.
Luxury Real Estate ins and
The key to finding luxury real estate that is both a pleasurable
experience and a good investment is one that will stand the
test of time. Over time the property must retain its classic
status and value. As such, too trendy designs and features
should be avoided for more substantial features and options.