Coldwell Banker Real Estate Corp. today announced its affiliates sold 13,816 luxury homes priced more than $1 million during 2003, an increase of 24 percent from 2002. In addition, Coldwell Banker’s luxury-home sales volume surged 23 percent to $23.3 billion, compared to the $18.9 billion mark set in 2002.

Coldwell Banker reported that California continues to dominate the country in luxury-home sales, with six times more sales in this category than any other state. California total luxury-home sales topped $12.6 billion and also claimed the highest luxury homes transaction conducted by a Coldwell Banker sales associate for 2003–$22.66 million for a home in Malibu.

Florida had the second largest luxury-home volume activity with more than $2 billion.

In 2003, the most active segment of luxury homes was in the $1 million to $5 million range. Coldwell Banker sold more than 13,000 homes in this price range. In addition, the company reported sales of more than 200 homes in the $5 million to $10 million price range; 22 homes in the range of $10 million to $20 million; and two homes that were sold at over $21 million, one of which was in Montecito, Calif. (Santa Barbara County) at $21.6 million.

The average sales price of luxury homes sold by Coldwell Banker affiliates in 2003 was $1.69 million.

“The luxury-home market is enjoying one of its most active periods ever,” said Alex Perriello, president and CEO, Coldwell Banker Real Estate Corp. “Homeowners have built equity in their homes, and, as a result, we are seeing a significant migration of homeowners into the luxury category. We expect activity to remain strong in the luxury category with a rebounding economy, continued low interest rates and strong demographic trends that will keep demand high.”

Coldwell Banker Real Estate Corp., a subsidiary of Cendant Corp. (NYSE: CD), is a full-service residential real estate company.


Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription