Coldwell Banker U.S. Luxury Home Sales Climb to a Record $35.5 Billion in 2004 |
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Coldwell Banker System Reports a 52 Percent Increase in Luxury Sales Report Highlights Nation's Hottest Luxury Home Markets and Prices
Coldwell Banker, a leader in luxury home sales, today announced its 2004 sales of U.S. luxury homes valued at $1 million or more surged to an all-time high of $35.5 billion, surpassing its previous record of $23.3 billion set in 2003. Coldwell Banker affiliated companies nationwide participated in the sales of 20,292 homes in 2004, a 47 percent increase over 2003 results. The average price for Coldwell Banker luxury homes sold in 2004 also rose to a record $1.7 million.
"The luxury real estate market continues to thrive," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "We expect the luxury home sales market to remain solid throughout 2005. Demand continues to be strong, spurred by a rebounding economy and high demand from baby boomers who have more disposable income than any other previous generation, and continued attractive interest rates."
In this release, Coldwell Banker highlights its top luxury home markets by state and city, and includes a list of its top 50 transactions nationwide. The data provided represents only Coldwell Banker luxury home sales figures. Highlights from the 2004 Coldwell Banker Luxury Home Sales Report include: California Continues "Gold Rush" of Luxury Home Sales. In California , Coldwell Banker reported nearly seven times more sales of luxury homes than any other state with almost $20 billion in sales volume. Coldwell Banker reported 56 percent of its luxury sales volume was in California . The top 13 cities with the highest total Coldwell Banker sales volume were all in California . Los Angeles had the highest Coldwell Banker sales volume in the United States . A $30 million home in Beverly Hills was the largest closed transaction by a U.S. Coldwell Banker sales associate in 2004.
Elsewhere, Florida was second in the nation with $3 billion in Coldwell Banker luxury home sales volume. Massachusetts , Illinois , Connecticut and New Jersey joined California and Florida as the only states to produce more than $1 billion in Coldwell Banker luxury home sales volume.
The fifth-highest closed sales price by a Coldwell Banker sales associate in 2004 was a $19.8 million property in Miami Beach , Fla. It was the only property sold outside of California in the top 20.
Hot Markets, In 2004, Nevada (172 percent increase), Idaho (143 percent) and Pennsylvania (129 percent increase) had the highest percentage increases in luxury home sales volume. All three states also closed more than double the amount of Coldwell Banker luxury transactions than in 2003. According to Coldwell Banker figures, the top five hottest cities in luxury home sales according to total sales volume increases from 2003 to 2004 are:
- Irvine , Calif. , increased 215 percent and is now ranked 50th in total sales volume. Irvine rose 57 spots, the largest jump in the report.
- Longboat Key, Fla. , increased 150 percent and is now ranked 39 th in total sales volume. Longboat Key climbed 30 spots.
- Laguna Beach , Calif. , climbed 139 percent and is now ranked sixth in total sales volume. Laguna Beach rose 11 spots.
- Miami Beach , Fla. , increased 138 percent and is now ranked 15th in total sales volume. Miami Beach climbed 23 spots.
- Burlingame , Calif. , rose 135 percent and is now ranked 60th in total sales volume. Burlingame rose 35 spots.
2004 Luxury Market Overview:
Coldwell Banker reported that it sold 19,859 luxury homes priced between $1 million and less than $5 million. This was the most active segment. The company also reported sales of more than 364 homes in the $5 million to less than $10 million segment. There were 68 transactions between $10 million and less than $30 million, and one home sale for $30 million in 2004. The average sales price of Coldwell Banker homes sold valued at $1 million and up was $ 1,748,550 in 2004.
The Coldwell Banker Previews International program has been marketing luxury homes since 1933. This luxury home marketing program has been exclusive to Coldwell Banker affiliates since 1980. Earlier this month at its annual International Business Conference in Orlando , Fla. , Coldwell Banker unveiled the Web site www.coldwellbankerpreviews.com to support its Coldwell Banker Previews International luxury real estate marketing program. The Previews site allows consumers to view more than 10,000 luxury properties. Most of the homes listed are priced at more than $1 million.
2005 Coldwell Banker Real Estate Corporation. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.
