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$3 Million+ Market Still Strong, Sort Of

Those in the market for the “average” priced home may find that the market is cooling, or “flattening” if you prefer, but if you’re rich and price insensitive, the market is growing faster than your ego. The number of Westside and Malibu homes sold above $3 million continues to grow.

This year, 217 homes in the area were sold at more than $3 million each during the first quarter, she said. Last year, [an overpaid realtor’s] first-quarter total was 114; in 2004, it was 144; in 2003, 55. But something funky is going on here, and we’re not talking about her new cheek bones. We’re not statisticians, but we have a hunch that the above mentioned realtor is not a statistician for a good reason. Perhaps she forgot to recognize that more total houses last quarter were valued at $3 million or more than in 2003. Oh yeah. That.
· High-End Homes, a.k.a. Hot Cakes [LA Times]