1Q 2004 - MORE MILLION DOLLAR HOMES SELL IN THE FIRST QUARTER OF THE YEAR

In 2003, Los Angeles homeowners were gifted with a 17.9 percent price increase over 2002. Locally, real estate prices rose around 20 percent. If you’ve owned for five years or more, it’s likely that you’ve seen the value of your residence double.

Yet, according to the California Association of Realtors, real estate sales where the 10 hits the sea are not as extraordinary of other parts of the state. The cities that had the highest home prices in California during the fourth quarter of 2003 were: Los Altos, $1,175,000; Laguna Beach, $1,060,000; Malibu, $1,060,000; Palos Verdes Estates, $1,015,000; Manhattan Beach, $1,014,500; Beverly Hills, $1,005,000; Burlingame, $938,000; Del Mar, $920,000; Saratoga, $905,000; and Carmel, $890,000.

And prices continue to rise. According to DataQuick, in California in 2003,19,080 homes sold for a $1 million or more, compared with 13,871 in 2002. Million+ sales in Southern California jumped 48.7 percent to 11,316 last year, up from 7,611 in 2002; while sales in the San Francisco Bay area rose 21.1 percent to 6,598 in 2033 from 5,447 in 2002.

"Home sales overall were up last year by 7.6 percent. Additionally, the market as a whole saw a 16.2 percent rise in value and a lot of homes that were near the million-dollar price point have appreciated up past that threshold," said Marshall Prentice, DataQuick's president.

The median million-dollar home sold last year in California was 2,860 square feet in area with four bedrooms and three bathrooms, and the median price per-square-foot for all million-dollar homes was $464, compared with $463 in 2002, DataQuick reported.

In Santa Monica during the 1st quarter of 2004, approximately 213 properties changed hands - 66 single-family residences, 20 income properties, 127 condos.
58 of those properties were in the million+ range – 49 were single-family homes and nine were condos. This is up from a total of 45 for 1Q 2003 and 32 in 2002, and 19 in 2001.
 
The gains reflect the overall strength of California's housing market, where home prices have been on a steady rise in recent years because of population growth, a persistent lack of housing and rock-bottom mortgage interest rates.

Locally, the big seller in the first quarter was a 1926 5-bedroom, 4-bath estate, which sits on more than an acre of property designed by renowned architect John Byers. This fabulous San Vicente Blvd. property, which features hand hewn wood beams and tiles produced on site features a fabulous pool with cabana bath and spa. Sale price was $7,240,000, and the property sold in five days.

The big sale in condos was a 2-bedroom, 3-bathroom 3,000+ square foot condo at 951 Ocean Avenue.  Front facing unit with spectacular ocean views. Extensive use of granite, marble dining room & entry, 2 fire places & no shared walls with neighbors. Full-service with an array of staff from concierge, to landscaping, to maintenance, to cleaning, to 24-hour live security. Pool, spa, sundeck, gym, extra storage, subterranean parking & a well-appointed courtyard and social room with full kitchen - great for entertaining. For $2.7 million, it could have been yours.

The home deal around town for the first quarter was  a $550,000 light & bright renovated 2-bedroom, 2 bathroom home on Ocean Park Blvd. which boasts hardward floors, large bedrooms, a fenced yard and a detached 2-car garage with automatic opener.