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February 2013
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March 2013

California’s High-end Home Buyers Create Luxury Boom

Consistent with other recent signs of recovery in the luxury market, the number of California homes which sold for a million dollars or more last year rose to its highest level since 2007. A total of 26,993 homes changed hands for $1 million-plus last year, up 26.9 percent from 21,267 in 2011. It was the most sold since 42,502 homes crossed the million-dollar threshold in 2007.  At the same time, the number of transactions for more than $5 million rose to an all-time high.  Statistics are from San Diego based DataQuick, a real estate reporting company. 

Last year's 26.9 percent year-over-year sales gain in the million dollar and above market outpaced the state's residential market as a whole. Sales across all price ranges totaled 447,573, up 8.2 percent from 413,479 in 2011. Clearly, the luxury market is leading other price points in terms of sales.

See the chart below which breaks out high end sales by price.  Note that we prefer calling closed sales “Real Buyers” and we define a real buyer as someone who not only contracted to buy the home, they showed up at closing and walked away owning it.

CA Chart

Institute member closes highest priced sale in Sarasota in two years

Marcia Salkin, a Million Dollar Guild member of The Institute of Luxury Home Marketing and agent with Michael Saunders, just sold a waterfront home on Siesta Key for $10,000,000.  This is the highest priced sale in Sarasota since early 2011 and sets the all-time record on Siesta Key.

“The property is sensational and deserves this record setting price,” says Salkin.  On nearly two acres of prime waterfront, this estate overlooks downtown Sarasota and features a grand “Old Florida” residence, resort-like pool, and a one-of-a-kind double vessel boathouse on the deepest water in the area.

Marcia Salkin, a top performer in luxury real estate in Sarasota for nearly three decades, credits her continued success to her “customer-first, win-win attitude.”

World’s Billionaires Grow in Number and Wealth

Forbes Billionaires List
The latest Forbes Billionaire list is now available and reveals that the number of uber rich individuals continues to grow as does their cumulative fortune.  The number of billionaires world-wide rose from 1226 to 1426 last year, or about 15%.  The total wealth held by the group clicked up about 16% from $4.6 trillion to $5.4 trillion.

Topping the list as the world’s richest individual is Carlos Slim of Mexico, followed by American Bill GatesAmancio Ortega of Spain moved up to number three ahead of American investor Warren Buffet.  Buffet added $9.5 billion to his fortune last year, but still shifted down from number three to number four on the list.  Find details on The Billionaires  at