Million-Dollar Home Sales In California At 5-Year High; Somebody's Ballin'
This economy's got you down, you say? You're still worried about buying that next house, car or even smartphone?
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Ah, if you were a rich man ... While the rest of us suffer, the wealthy have just added to their cash piles during the Great Recession and its aftershocks.
Proof that the upper crust feels no pain can be found in a startling new report about million-dollar homes in California:
According to San Diego real estate intel company DataQuick, the sales of million-dollar homes in the Golden State reached a five-year high in 2012.
Not only that, but sales of $5-million-plus homes reached ... an all-time high for the year that wrapped up last month.
Really. Somebody's ballin.'
In a statement DataQuick says 26,993 $1-million-and-above homes were sold last year, the most since 2007.
The firm says 697 homes sold for more than $5 million last year, beating out the previous record set in ... 2011 (we told you this economy wasn't hurting the folks at the top).
For some communities, DataQuick says, virtually all their recent home sales have been in the $1-million-plus range. In L.A. county those include Santa Monica and San Marino, the firm says: Rancho Santa Fe in San Diego also met that criteria.
The largest home sold in the state last year was a 20,248-square-foot, 7-bedroom, 13-bathroom mansion in Bel Air, DataQuick says.
John Walsh, the firm's president:
It should go without saying that buyers and sellers in the prestige market tend to respond to different motivations and incentives than the rest of the market. Job security, down payment sizes and mortgage interest rates don't play the same role.