Our Oppressed Rich - Sales of $1-Million-Plus Homes Went Through the Roof in California
Crowned by the sale of a Malibu estate for $74.5 million, the number of houses sold last year at $1 million and above statewide jumped to a six-year high, according to real estate information service DataQuick.
In the strongest showing, the number of homes sold at $2 million and up set state, Southern California and L.A. County records.
“The luxury market did bounce back last year,” said housing market analyst Paul Habibi, a real estate lecturer at UCLA’s Anderson School of Management. “A lot of people were stepping back into the waters.”
Among them were lucrative investors looking for a place to park their dividends.
“The stock market lined the pockets of high-end buyers,” Habibi said. “That translated into home purchases