Manhattan Beach leads rebound of California’s million-dollar housing market

By Gregory J. Wilcox | Daily Breeze

Here are the state’s priciest communities, along with how many $1 million-plus residences sold in 2013.

1. Manhattan Beach, 439

2. Hillsborough, 436

3. La Jolla, 398

4. Newport Beach, 376

5. Laguna Beach, 374

Source: DataQuick

Manhattan Beach led a strong rebound in California’s luxury housing market in 2013, as sales of homes costing $1 million or more soared 45 percent in the Golden State to their highest level in six years, a market tracker said this week.

Last year, wealthy buyers purchased 39,175 homes costing $1 million or more compared to 26,993 in 2012, said La Jolla-based DataQuick. That’s the most since 42,506 in 2007.

A record number of buyers — 10,602 — ponied up cash for their tony digs and, once again, Southern California dominated the luxury market.

Manhattan Beach recorded 439 million-plus sales — the most in the state in 2013 — edging out Hillsborough in Northern California’s San Mateo County by three sales.

Even the dirt in the affluent beach town is expensive (some undeveloped lots sold for $900,000 each last year), and many million-dollar pads don’t even have an ocean view.

One of the nicer neighborhoods is just east of Highland Avenue. It’s family oriented and has sidewalks and big lots, said Adolph Janes of Shorewood Realtors in Manhattan Beach.

“Most lots are 7,500 square feet. Those lots start at $2 million,” he said. “The typical 2,000-square-foot house and below — well, we tear those down, and we build new homes.”

Other Los Angeles-area communities on DataQuick’s compendium of most expensive California cities were Brentwood at sixth, Beverly Hills at seventh and Pacific Palisades at eighth. And seven of the state’s top-10 markets were in Southern California.

The return of big money into expensive real estate reflects an improving economy, stock-market rebound and a 20 percent increase in the state’s median home price.

“There is a lot of wealth out there, and people do need some place to park it. With the increase in California home prices, I think we’ll see more people moving back into residential real estate,” said Kimberly Ritter Martinez, an economist at the Kyser Center for Economic Research in Los Angeles.

Malibu notched the most expensive sale last year — $74.5 million for a 15,355-square-foot, eight-bedroom, 14-bathroom beachfront estate built in 1993, DataQuick said.

The company does not release addresses, but several websites list the estate as 33064 Pacific Coast Highway. It’s on a 4.85-acre lot with a tennis court and infinity pool and sweeping ocean view. Zillow.com estimates the monthly mortgage payment at $289,510.

Forbes.com said in a Dec. 6 posting that Howard Marks, founder of Oaktree Capital Management, sold the estate to an anonymous Russian buyer. It was the most expensive sale in the U.S. at the time and a record for Malibu, the site noted.

In some Southern California communities, including Santa Monica, all the sales last year were $1 million or more deals, DataQuick said.

“The luxury home market is unique, always has been,” John Walsh, DataQuick president, said in a statement. “It responds to its own set of economic factors. Things like job growth, mortgage interest rates and migration patterns do not play the same role as IPOs (and) stock-market performance.”

http://www.dailybreeze.com/business/20140131/manhattan-beach-leads-rebound-of-californias-million-dollar-housing-market

Advertisements

22 thoughts on “Manhattan Beach leads rebound of California’s million-dollar housing market

  1. Hello! Quick question that’s totally off topic.
    Do you know how to make your site mobile friendly?
    My weblog looks weird when viewing from my iphone 4.
    I’m trying to find a theme or plugin that might be
    able to fix this problem. If you have any suggestions, please share.

    Appreciate it!

  2. I got this web site from my pal who told me regarding this site and now this
    time I am visiting this site and reading very informative content
    at this time.

  3. Very nice post. I just stumbled upon your weblog and wished to
    say that I have truly enjoyed surfing around your
    blog posts. In any case I’ll be subscribing to your rss feed and I hope you write again soon!

  4. Have you ever thought about including a little bit
    more than just your articles? I mean, what you say is important and everything.
    However think of if you added some great photos or videos to
    give your posts more, “pop”! Your content is excellent but with pics and video clips,
    this blog could certainly be one of the greatest in its
    niche. Terrific blog!

  5. Woah! I’m really enjoying the template/theme of this website.
    It’s simple, yet effective. A lot of times it’s challenging to get that “perfect balance” between usability and appearance.

    I must say you’ve done a great job with this. Also, the blog loads very fast for me on Internet explorer.
    Excellent Blog!

  6. I truly love your website.. Excellent colors & theme.

    Did you make this site yourself? Please reply back as
    I’m trying to create my very own website and would like to know where you got
    this from or what the theme is called. Appreciate it!

  7. Hi, I do believe this is a great web site.

    I stumbledupon it 😉 I will return yet again since I book marked it.
    Money and freedom is the best way to change, may you be rich and continue to help other people.

  8. Link exchange is nothing else except it is simply placing
    the other person’s web site link on your page at appropriate place and other person will also do
    similar in support of you.

  9. Hi there are using WordPress for your site platform?
    I’m new to the blog world but I’m trying to get started and create my own.
    Do you need any html coding expertise to make your own blog?
    Any help would be greatly appreciated!

  10. Hey There. I discovered your blog using msn. That is a really neatly written article.

    I will make sure to bookmark it and come back to read more of your useful info.
    Thank you for the post. I’ll certainly return.

  11. Hey there, I think your blog might be having browser compatibility issues.
    When I look at your blog site in Opera, it looks fine but when opening in Internet Explorer,
    it has some overlapping. I just wanted to give you a quick heads up!
    Other then that, terrific blog!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s