More million-dollar houses are selling in California than any other time in the last seven years, says real estate data firm DataQuick (looking at second quarter sales numbers). Sales of houses above $2, $3, $4, and $5 million also saw record highs. But while these luxury houses were flying off the shelves (sales were up a little over 9 percent year-over-year in the second quarter), sales across all price ranges dropped 7.4 percent. That's because the luxury market's not the same market that everyone else is dealing with.
"It behaves differently, responds to its own set of criteria. These buyers, especially those in the multi-million-dollar market, are less likely to agonize over credit scores, income and job security, down payments and mortgage interest rates," says an analyst for DataQuick of the high-end market.
Where is this strange market operating the most? Manhattan Beach led the state with the most million-plus sales (146!). Meanwhile, Brentwood that had the most expensive sale in LA County—$40 million. Also making the Top 25 list were Pacific Palisades, Beverly Hills, Rolling Hills Estates, and, crazily enough, Hollywood.
· Million-Dollar Home Sales Up Again in the Golden State [DQ]
· Only Rich People Can Afford to Buy Houses in SoCal Now [Curbed LA]