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Not So Fast! Luxury Market Is Up

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While the LA Times reports luxury home prices are dropping, the WSJ reports some healthy gains: "Median prices in Brentwood are up 16%. The Hollywood Hills, up 26% to a median price of more than $2.1 million. Rancho Palos Verdes and the Palos Verdes peninsula, up 17%. Parts of Newport Beach, one of Orange County's poshest addresses, are up as much as 67% to $2.75 million. The coastal village of Laguna Beach is up 6%." According to the earlier Los Angeles Times story, a handful of big sales caused that huge Newport Beach percentage jump. [WSJ]