Luxury Home Sales Jump…

Abalone Cove, Rancho Palos Verdes, CA 90275

That is the headline from today’s Los Angeles Times Business Section.  The article by Lauren Beale states a 21% increase in 2010 statewide home sales over $1,000,000.  The statistic for Palos Verdes real estate is exactly the same.  However, in 2010 single family Palos Verdes homes  over $2,000,000 experienced a 55% increase in sales compared to 2009!  I actually wrote an article on January 5th about 2010 Palos Verdes real estate sales (click here to view). 

2010 Palos Verdes home sales increased 14% while according to the LA Times, “the total number of California homes sold last year dropped 9%”.  The mix of Palos Verdes real estate sales also differs from the rest of the state.  In 2010 only 183 Palos Verdes single family homes sold for less than $1,000,000 while the bulk of sales, or 346 homes sold over $1,000,000.  And in 2010, 76 sales were over $2,000,000.  All Palos Verdes statistics are courtesy of California Regional Multiple Listing Service.

Here is my favorite quote from Lauren Beale’s LA Times article – “Certainly, we’re pretty sure we’re at the bottom’ for home prices, said economist Christopher Thornberg, principal with Beacon Economics in Los Angeles.  Even if prices fall further, he said, ‘if you are borrowing, buying today makes a lot of sense because interest rates are just incredibly low.”  Click here to read LA Times article.

Photo courtesy of Arvin Design

Join The Discussion

Compare listings