San Diego Real Estate, Million Dollar Homes

San Diego county has always been known for its Luxury Homes, yet in 2004 San Diego County luxury home sales (homes over $1,000,000) hit an incredible 2774 total units, an increase of almost 170% over total sales in 2003!

In the entire State of California, A total of 33,107 homes sold for a million dollars or more last year. That was up 73.5 percent from 19,080 in 2003. The total was 13,871 in 2002, according to DataQuick Information Systems.

"A million dollars just isn't what it used to be when it comes to San Diego real estate. Because of appreciation, low interest rates, and San Diego's Draw as a retirement community, more homes are in the million-dollar category than was the case earlier. In fact, so far in 2005 San Diego County MLS shows that there has already been 2130 homes Sold in San Diego County for over $1,000,000 with an additional 607 that are currently in escrow! Looks like another record year.

Million-dollar sales accounted for 5.0 percent of all California home purchases in 2004. In San Diego Count, Million-dollar home sales accounted for 6.5% of the total Attached and Detached San Diego County Real Estate Sales.

Statewide, there were 221 sales for more than $5 million last year, 237 sales were in the $4-$5 million range, 690 in the $3 million range, 2,894 sales in the $2 million range, and the rest between $1 million and $2 million.

The numbers include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership.

Not included were property swaps, sales of multiple lots, teardowns, and large farm or ranch properties. Home sales to companies were included, as were sales to trusts. Rancho Santa Fe in San Diego County is a community where virtually all home sales were in the million- dollar category.

According to DataQuick; Around 15 percent of the buyers paid cash, up from 12 percent in 2003. Of those who financed their purchase, the median down payment was 25 percent of the purchase price. Lending institutions most willing to provide mortgage financing were Washington Mutual, Countrywide Home Loans and Wells Fargo.

With San Diego Counties amazing price appreciation, the incredible climate, and the constraints on real estate development... it is this real estate professionals opinion that San Diego County will soon have many zip codes with nothing buy $1,000,000+ home sales.

Bob Crain - President
North County Luxury Homes, San Diego Counties Premier Luxury Home Website. North County Luxury Homes is a full service Luxury real estate company and provides both Loans and Real Estate Services for San Diego County Buyers and Sellers. To View the most Expensive Homes Currently listed for Sale in San Diego County go to http://www.NorthCountyLuxuryHomes.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.