Sales of $1,000,000 homes increase in Newport Beach Real Estate and Laguna Beach Real Estate

IRVINE, Calif. - Feb. 12, 2014 - PRLog -- Irvine CA. In the biggest jump in six years, homes selling for greater than one million dollars increased in California to the highest level since 2007, right before the National market crash. The strongest sales gains were at the luxury market's high end, with record sales above the $2 million mark, a real estate information service reported. This did not quite meet the record high which occurred in 2005 when nearly 55,000 homes sold in the State of California according to San Diego based DataQuick.

The luxury home market has always operated differently than the more predictable general housing market.  It operates in its own unique set of economic factors. High end home sales don’t fluctuate to items such as job growth or mortgage interest rates but rather are better predicted by the stock market in items such as  IPOs and, stock market performance.

The most expensive confirmed purchase last year was a 15,000 square-foot plus, 8-bedroom, 14-bathroom beachfront Malibu mansion which sold for $74,500,000 in January. The largest was a 25,447-square-foot, 16-bedroom, mansion in Indian Wells that sold for $2,250,000.

In some communities virtually all of the home sales were in the million-dollar category. Among them: Santa Monica, Rancho Santa Fe, Atherton and Los Altos.

There are 8.8 million houses and condos in California. Of those, 270,591 are assessed for more than a million dollars by county assessor offices, according to DataQuick. www.bancorprealty.com

In Orange County CA, Here is a breakdown of Million Dollar Home Sales

Newport Beach          Number  376   Most Expensive  $16,500,000

Laguna Beach          Number  374   Most Expensive  $33,000,000

Corona Del Mar          Number  256   Most Expensive   $8,000,000

Newport Beach (92657)         Number  252   Most Expensive  $15,800,000

Greg Steinaker

CEO BanCorp Realty

www.bancorprealty.com