Sales of $1-million-plus homes went through the roof in California
Crowned by the sale of a Malibu estate for $74.5 million, the number of houses sold last year at $1 million and above statewide jumped to a six-year high, according to real estate information service DataQuick.
In the strongest showing, the number of homes sold at $2 million and up set state, Southern California and L.A. County records.
In L.A.’s ultra-luxury market, locals, foreigners, flippers and celebrities came to the party, with billionaires playing musical houses in the $20-million-and-up price range.
“The luxury market did bounce back last year,” said housing market analyst Paul Habibi, a real estate lecturer at UCLA’s Anderson School of Management. “A lot of people were stepping back into the waters.”