A recent report showed that 3,631 homes in Orange County have been sold for $1 million or more, last year, and that this is the highest number registered since 2009. The numbers are greater with 34% in comparison with the same period in 2012, and that’s definitely a great benefit for the O.C housing market
Additionally, there was an increase of 8.2 percent in sales for all price categories. The most incredible thing was that nearly 29 percent of buyers from California paid cash for the proprieties acquired. Sales for homes over one million dollars are higher with 27 percent in the entire country and with 29 percent in California. Specialists believe that this great increase in sales of luxury homes might be a sign that the economy is recovering, and that the prices for homes are slowly starting to rise. For instance, in the previous year, the speed of luxury buying registered in Orange County reached the fifth-highest level from the last twelve years, and it was not very far away from the record set in 2005, when 8,169 million sales happened
In addition, Orange County has been responsible for a ¼ of the sales above one million that were made in all the seven counties from Southern California. It had minimum twenty homes that were sold for at least $10 last year, and the most impressive one is waterfront propriety located in the north of Newport Harbor, which was sold for no less the $22 million. Similarly, the Bayshore Drive mansion, which measures 8,355 sq. ft. and which belonged to the famous actor Nicolas Cage, was sold for the incredible sum of $35 million is 2008
Likewise, another exquisite propriety located on the front row of the fine beach-front Montage Laguna Beach resort, was sold for $20 million. The third priciest sale in United States was Villa del Lago, a fabulous 17,000 sq. ft. mansion sold for $19.4 million during a bankruptcy auction approved by the court. At least seven different communities from California featured home prices of $1 million, including San Marino, Santa Monica, Los Altos, Rancho Santa Fe, Marin County, Town of Ross, Hillsborough and Atherton. All newly erected houses accounted for 4.9 percent of the $1 million+ sales from the last year, and their number is lower with 5.9 percent in comparison with the previous year. However, sales for condos have gone up with 9.2 percent
Besides, the medium size per homes sold for $1 million is of 2,641 sq. ft., and on average they have four bedrooms and three bathrooms. Luxury amenities such as outside pool area, marble flooring, hardwood floor throughout, fireplaces, high-end decor, and fully equipped kitchens should also be in the price
Also, the medium price paid per square foot, in the case of these lavish residences, was of $641 last year, with 5.5% higher than in 2011. The overall price per square foot for the entire California market was of $162.