Million-dollar home sales jump 26% | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on February 11, 2011

in Buyers, Latest News, Sellers

Sales of million-dollar homes jumped 25.7% last year even though overall sales figures declined, according to housing market tracker DataQuick Information Systems.

But statewide figures show that prices paid per square foot fell slightly in the $1 million-plus category, while they rose more than 10% for the overall market.

In all, 3,076 Orange County homes sold in 2010 for $1 million or more, the highest number in three years. It also was the first time in five years that $1 million-plus sales transactions increased. (For a slide show of O.C.’s 10 hottest homes of 2010, CLICK HERE.)

Said DataQuick President John Walsh:

“When the financial world was full of uncertainty a couple of years back, and the jumbo loan market dried up, luxury sales plummeted. As the economy started its top down recovery, some wealthy buyers went looking for a bargain.”

Statewide, 22,529 homes sold for $1 million or more last year, with prices ranging up to $50 million paid in June for the Le Belvedere mansion, a 15-bedroom, seven-bathroom home in Bel Air (with storage for 5,000 wine bottles).

Highlights of the DataQuick report show:

  • Last year’s tally of $1 million-plus home sales was the highest since 2007, when 5,229 such transactions occurred.
  • Despite the increase, last year’s total still was below the average of 3,889 $1 million-plus transactions a year for the past decade.
  • Last year’s total was below the number in 2003, when 3,109 $1 million-plus transactions took place.
  • Last year’s total was down 62% from 2005, when $1 million-plus transactions peaked at 8,169.
  • The priciest deal in Orange County last year was the Oct. 20 sale of the Portabello Estate in Corona del Mar, which DataQuick pegged at $34.1 million.
  • Four O.C. ZIP codes ranked among California’s top 25 in $1 million-plus sales totals: Newport Beach’s 92660, which includes the Back Bay (254); Laguna Beach’s 92651, which includes the coastline from Crystal Cove south to around Woods Cove (244); Newport Beach’s 92657, which includes Newport Coast (185); and Newport Beach’s 92625, which includes Corona del Mar (166).

California’s tally of $1 million-plus home sales was up 21%, DataQuick reported, and was the highest total since 2008. Million-dollar sales peaked in the state at 54,773 in 2005.

DataQuick’s statewide report showed:

  • The median price paid per square foot for all million-dollar homes in 2010 was $601, down 0.6% from 2009. For the overall market, the square-foot median was $164 last year, up 10.1%.
  • Statewide, 463 homes sold for more than $5 million; 304 were in the $4-$5 million range; 782 were in the $3-$4 million range; 2,333 were in the $2-$3 million range; and the rest – nearly 79% – sold for between $1 million and $2 million.
  • 3,380 of the homes that sold statewide for less than $1 million last year had previously sold for $1 million or more.
  • 29.4% of the $1 million-plus buyers paid cash, up from 28.9% in 2009 and the highest for any year since 1994, when 32.3% of $1 million-plus sales were in cash.
  • Among those who did finance their purchase last year, the median down payment was 40.1% of the purchase price.
  • Among the communities where the vast majority of home sales were $1 million-plus last year: San Marino in Los Angeles County, Los Altos in Santa Clara County, Atherton and Hillsborough in San Mateo County, and Rancho Santa Fe in San Diego County.

See this post in its original form, and read more on Lansner on Real Estate.

Posted on Irvine Orange County Real Estate Market News

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