Housing Bubble
California leads record breaking luxury home sales
February 14, 2003
Coldwell Banker Real Estate Corporation today announced that its affiliates' total 2002 sales volume of homes valued at one million dollars or more, skyrocketed to a record breaking $18.5 Billion in sales volume. Coldwell Banker Previews International(R), its luxury home division, reported sales of 10,915 homes valued at one million dollars or more.
In 2002, Coldwell Banker
Real Estate Corporation reported that the highest activity of luxury
units sold was among the homes priced between $1 and $5 million with
over ten thousand transactions in this range. In addition, the company
reported its affiliates' sales of 147 properties in the $5 and $10
million range and 29 properties over $10 million sold. According to
Coldwell Banker, California led the way in terms of luxury sales. In
fact, California reported almost ten times more sales of luxury homes
than any other state in the country. While California cities dominated
in luxury home sales, Dallas, TX, Boston, MA and Chicago, IL also ranked
in the Top 25 cities.
California also claimed the highest Coldwell Banker confirmed sale in the U.S. in 2002: a home in Woodside, CA, which sold for $27.5 Million. Other markets reporting sales of homes over $10 million include Honolulu, HI, Greenwich, CT, Incline Village, NV and Orcas Island, WA. "2002 was by far the best year we've had on record for sales of luxury homes," stated Alex Perriello, president and CEO, Coldwell Banker Real Estate Corporation. "With the lowest interest rates in 30 years, baby boomers trading up to more expensive homes and ongoing demand for homes in all categories, we expect to see this level of sales continue."
TOP 25 STATES WITH THE MOST LUXURY HOME SALES BY VOLUME
Rank State Total Volume Sales
1 CA $11,024,948,496
2 MA $1,005,335,806
3 FL $1,001,030,465
4 IL $804,538,551
5 NJ $731,073,499
6 CT $670,822,326
7 NY $531,397,027
8 WA $391,226,276
9 TX $337,615,032
10 HI $314,242,000
11 AZ $286,912,860
12 CO $270,259,092
13 GA $173,545,249
14 MD $112,941,721
15 DC $104,861,050
16 VA $92,551,294
17 NV $78,068,700
18 OR $67,772,050
19 PA $65,010,550
20 MI $56,833,500
21 NC $54,231,220
22 OH $54,147,788
23 UT $44,186,492
24 WI $36,214,000
25 DE $28,271,000
TOP 50 PRICES PAID FOR INDIVIDUAL LUXURY HOMES
Rank City State Purchase Price
1 Woodside CA $27,500,000
2 Montecito CA $25,000,000
3 Rancho Sante Fe CA $17,775,000
4 Honolulu HI $17,000,000
5 Atherton CA $17,000,000
6 Greenwich CT $16,000,000
7 Beverly Hills CA $14,500,000
8 Rancho Sante Fe CA $14,000,000
9 Santa Monica CA $13,300,000
10 Montecito CA $13,000,000
11 Montecito CA $12,630,000
12 Los Altos Hills CA $12,080,000
13 Los Altos Hills CA $12,000,000
14 Malibu CA $11,750,000
15 Malibu CA $11,750,000
16 Woodside CA $11,700,000
17 Incline Village NV $11,500,000
18 San Francisco CA $11,500,000
19 Rancho Sante Fe CA $11,300,000
20 Orcas Island WA $11,100,000
21 Rancho Santa Fe CA $11,000,000
22 Atherton CA $10,500,000
23 Beverly Hills CA $10,500,000
24 Kentfield CA $10,500,000
25 Laguna Beach CA $10,500,000
26 Los Angeles CA $10,500,000
27 Montecito CA $10,250,000
28 Pacific Palisades CA $10,250,000
29 Beverly Hills CA $10,100,000
30 Los Angeles CA $9,900,000
31 Los Angeles CA $9,850,000
32 Malibu CA $9,850,000
33 Lahaina HI $9,750,000
34 Malibu CA $9,600,000
35 Atherton CA $9,500,000
36 Malibu CA $9,500,000
37 Waikoloa HI $9,000,000
38 Paradise Valley AZ $8,800,000
39 Beverly Hills CA $8,700,000
40 Brentwood CA $8,700,000
41 Los Angeles CA $8,500,000
42 Wilmette IL $8,500,000
43 Beverly Hills CA $8,300,000
44 Hollywood Hills CA $8,300,000
45 Los Angeles CA $8,010,463
46 Los Angeles CA $8,000,000
47 Malibu CA $7,950,000
48 San Francisco CA $7,925,000
49 Rancho Sante Fe CA $7,750,000
50 Carpinteria CA $7,600,000
Source: Coldwell Banker Real Estate Corporation
