Luxury Homes Values Set Records in California
Home prices are reaching new highs! According to the Prestige Home Index™ by First Republic Bank, "Luxury home values in Los Angeles, San Diego and San Francisco set new highs in the second quarter of 2004 growing by double-digit appreciation over the past 12 months."
In Los Angeles, the report states "Los Angeles values rose 17.5%, or $256,000, year over year and 3.7% from the first quarter of 2004. Average luxury home values in Los Angeles jumped to $1.72 million."
The Prestige Home Index™ is used to "measure changes in homes valued at more than $1 million in key California urban markets."
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