Originally published February 23 2006
Million-dollar homes become more common in California
by Mike Adams, the Health Ranger, NaturalNews Editor
Million-dollar homes are becoming more common in California, where nearly 49,000 homes sold for at least $1 million in 2005, a 47 percent increase from 2004, according to DataQuick Information Systems, a real estate research firm based in La Jolla, Calif.
Nearly 49,000 homes in the state sold for at least $1 million last year --- a 47% increase from 2004, according to data released Tuesday by DataQuick Information Systems, a La Jolla-based real estate research firm.
In 2004, the 30-year-old mortgage bank branch manager sold his Yorba Linda house for $1.05 million, $300,000 more than he paid 12 months earlier.
Last year, Rangel bought a new tract home there for $1.3 million and on Sunday he accepted an offer on it for $1.55 million.
His idea of a million-dollar house used to be "what you saw on 'Dynasty,' " Rangel said.
California ranked first in the survey of homes selling for at least $1 million in 2005, DataQuick said.
In Rancho Santa Fe in San Diego County, one of the wealthiest communities in the U.S., virtually all home sales were in the $1-million-plus category.
Malibu and Beverly Hills have always had their share.
"A million dollars isn't what it used to be," said James Joseph, owner of Century 21 Grisham-Joseph brokerage in Whittier.
Indeed, if you sold a home in California last year, there was a 1 in 13 chance that it went for at least $1 million, according to DataQuick.
Only a few years ago, $1 million bought you an "estate" property, one with ample square footage on a large lot in an exclusive neighborhood.
Joseph said the less-ritzy neighborhoods were still catching up with the high-end coastal communities that were the first in Southern California to see prices start ascending in 2000.
The median home price there rose 5.6% last year, with the price per square foot reaching $702.
By comparison, the median home price in La Mirada surged 20% to $535,000, or about $360 a square foot.
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