Industry News

California luxury real estate values break records

But trend is slowing, index says

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Luxury home values rose to all-time highs in three major California cities in the third quarter of 2005 compared to a year ago, according to an index that tracks luxury homes. Los Angeles, San Diego and San Francisco all saw jumps in home prices, according to the First Republic Prestige Home Index by First Republic Bank. Los Angeles values jumped 8.6 percent from the second quarter of 2005 to the third quarter of 2005 and rose 17 percent from the third quarter a year ago, the index said. The average luxury home in Los Angeles is now a record $2.28 million, up $331,000 from a year ago. Values have posted 11 straight quarters of double-digit, year-over-year gains, according to the index. San Diego values increased 2.9 percent from the second quarter of 2005 to the third quarter of 2005, and were up 11.6 percent from the third quarter a year ago, the index said. The average luxury home in San Diego is now $2.07 million, up $215,000 from a year ago. Values have posted seven consec...