California Luxury Homes pass new mark!
Luxury home prices set all time highs in the first quarter of 2005, compared to one year ago. According to the First Republic Prestige Home Index™ these record prices were set in Los Angeles, San Diego and San Francisco. The Index tracks homes over one million dollars.
Low inventory and strong demand has pressed prices to new limits. The article sites the entertainment industry as one of the driving economic forces.
"In Los Angeles, average luxury home values topped $2 million for the first time. The 23.1% gain from the first quarter of 2004 to the first quarter of 2005 was the ninth consecutive quarter of double-digit gains on a year-over-year basis."
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