DataQuick reported today that 3,631 Orange County homes sold for $1 million or more in 2012, the highest number since 2007.
That’s up 34 percent from 2011′s tally of million-plus sales, compared to an increase of 17 percent for sales of all homes in the county.
Statewide, million-plus sales increased 27 percent to 26,993, vs. an 8.2 percent increase for sales in all price ranges. A record number of California buyers — 7,791 or 29 percent — paid all cash for their mansions, DataQuick reported.
In addition, four Orange County ZIP codes ranked among 25 in the state with the most million-plus sales: Newport Beach’s back bay area (92660) had 362 $1 million-plus home sales, the report said. Laguna Beach (92651) had 307, Corona del Mar (92625) had 256 and Newport Coast (92657) had 228.
DataQuick attributed the increase in luxury sales to a recovering economy, rising home prices and a record number of cash purchases. And one local agent has said that confidence in the market has returned to high-end buyers.
“Buyers and sellers in the prestige market tend to respond to different motivations and incentives than the rest of the market,” said DataQuick President John Walsh. “Job security, down payment sizes and mortgage interest rates don’t play the same role. Returns on investments in a low interest-rate financial environment and safe-haven investing do play a role.”
|Rank||Address||City||Sale Date||Sale Price|
|1||2692 Bayshore Dr.||Newport Beach||9/13/2012||$22 million|
|2||3 Montage Way||Laguna Beach||9/13/2012||$20 million|
|3||1 Pelican Hill Road N.||Newport Coast||6/29/2012||$19.4 million|
|4||819 Via Lido Soud||Newport Beach||8/1/2012||$18 million|
|5||3 Camel Point Dr.||Laguna Beach||12/31/2012||$17.5 million|
|6||168 Emerald Bay||Laguna Beach||7/5/2012||$16 million|
|7||103 Shorecliff Rd.||Corona Del Mar||4/23/2012||$15 million|
|8||107 Shorecliff Rd.||Corona Del Mar||2/9/2012||$14.5 million|
|9||40 Deep Sea||Newport Coast||11/7/2012||$14.3 million|
|10||2529 South Coast Hwy.||Laguna Beach||12/26/2012||$14 million|
|10||887 Cliff Dr.||Laguna Beach||6/14/2012||$14 million|
|12||44 Blue Heron||Irvine||3/5/2012||$12.8 million|
|13||2495 Ocean Blvd.||Corona Del Mar||6/12/2012||$11.8 million|
|14||1604 South Bay Front||Newport Beach||10/22/2012||$11 million|
|14||9 Avalon Vis.||Newport Coast||3/8/2012||$11 million|
|16||1 Shell||Newport Coast||2/25/2012||$10.9 million|
|17||1220 West Bay Ave.||Newport Beach||9/29/2012||$10.5 million|
|18||2137 Bayside Dr.||Corona Del Mar||3/30/2012||$10.2 million|
|19||7 Troon Dr.||Newport Beach||11/13/2012||$10 million|
Read the rest of this article by the OC Register here: “$1 million home sales hit highest level in five years”.