Luxury Real Estate

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Luxury real estate  

Luxury Real Estate

It's not just tract homes and fixer-uppers that are selling for record prices in California, luxury real estate saw record prices as well in 2004. In a survey last year home values climbed dramatically in Los Angeles and in San Diego they were up a whopping 21%!

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Luxury Real Estate Prices
Upper end real estate prices can also appreciate and make a good investment financially as well as being the most enjoyable purchase of a lifetime.

San Diego values increased to $1.64 million, the fourth consecutive quarterly record. "Luxury home values in California rose sharply in the first quarter of 2004 due to strong demand, limited inventory, an improving economy and concern that interest rates, which are still low by historic standards, should continue to rise.

All three urban California markets are very strong. The San Francisco Bay Area, luxury home values recorded their largest quarterly increase in almost three years, the bank's survey found. Average values were $2.37 million in the first quarter, slightly below the record set in the second quarter of 2001, when values stood at $2.39 million. Some pieces of desirable real estate are seeing multiple offers, and homes sell for prices over the asking on certain properties. This is on properties that are well priced, in a good location and are in good condition. There are several different luxury price ranges:

The 1 to 2 million dollar range - this is characterized by new and/or modestly sized homes on lots usually under one acre

The 2 to 3 million dollar range - this is characterized by larger homes often on parcels over 1 acre with more bathrooms than bedrooms

The 4 to 5 million dollar range - this is an exclusive luxury range of home prices and has some one of a kind properties

The 6 million and over range - these are the most expensive and desirable properties and estates often on 5 acres or more or land.

Luxury Real Estate ins and outs
The key to finding luxury real estate that is both a pleasurable experience and a good investment is one that will stand the test of time. Over time the property must retain its classic status and value. As such, too trendy designs and features should be avoided for more substantial features and options.



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