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COLDWELL BANKER® U.S. LUXURY HOME SALES CLIMB TO A RECORD $35.5 BILLION IN 2004

 

  • Coldwell Banker® System Reports a 52 Percent Increase in Luxury Sales

  • Report Highlights Nation's Hottest Luxury Home Markets and Prices

 

PARSIPPANY, N.J. (February 24, 2005) - 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. "e 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 "old 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:
     
    1. Irvine, Calif., increased 215 percent and is now ranked 50th in total sales volume. Irvine rose 57 spots, the largest jump in the report.
    2. Longboat Key, Fla., increased 150 percent and is now ranked 39th in total sales volume. Longboat Key climbed 30 spots.
    3. Laguna Beach, Calif., climbed 139 percent and is now ranked sixth in total sales volume. Laguna Beach rose 11 spots.
    4. Miami Beach, Fla., increased 138 percent and is now ranked 15th in total sales volume. Miami Beach climbed 23 spots.
    5. 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 llion, 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.
TOP 30 STATES WITH THE MOST COLDWELL BANKER
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 to DECEMBER 31, 2004
Source: Coldwell Banker Real Estate Corporation

 
State 2004 Rank 2004 Total
Sales Volume		 2003 Rank 2003 Total
Sales Volume		 % Change
California 1 $19,958,968,283 1 $12,624,537,202 58%
Florida 2 $3,037,526,890 2 $2,008,970,243 51 %
Massachusetts 3 $1,997,908,899 3 $1,362,212,903 47 %
Illinois 4 $1,320,085,874 4 $990,207,302 33 %
Connecticut 5 $1,315,635,586 6 $839,105,004 57 %
New Jersey 6 $1,241,335,774 5 $928,679,672 34 %
New York 7 $865,705,111 7 $590,013,162 47 %
Washington 8 $684,680,735 9 $452,174,738 51 %
Hawaii 9 $646,087,234 8 $469,544,650 38 %
Arizona 10 $488,318,097 11 $353,281,162 35 %
Minnesota 11 $461,968,227 10 $383,829,356 20 %
Maryland 12 $461,144,933 14 $281,293,066 64 %
Colorado 13 $458,015,284 12 $328,691,851 39 %
Texas 14 $342,679,766 13 $295,643,904 16 %
Washington, D.C. 15 $305,380,626 15 $165,092,361 85 %
Nevada 16 $269,083,302 19 $98,865,413 172 %
Virginia 17 $241,875,526 16 $151,490,855 60 %
Georgia 18 $203,673,506 17 $148,937,252 37 %
North Carolina 19 $128,428,854 21 $66,146,882 94 %
Pennsylvania 20 $122,781,424 25 $53,556,245 129 %
Missouri 21 $117,413,248 18 $146,175,556 -20 %
Michigan 22 $94,875,080 20 $91,234,897 4 %
Utah 23 $76,319,866 24 $56,732,000 35 %
Wisconsin 24 $71,306,500 26 $51,302,025 39 %
South Carolina 25 $68,673,031 28 $38,403,750 79 %
Ohio 26 $68,080,882 23 $63,795,965 7 %
Oregon 27 $67,343,510 22 $64,997,589 4 %
New Hampshire 28 $52,415,275 27 $41,300,100 27 %
Montana 29 $42,459,000 30 $23,445,000 81 %
Idaho 30 $32,207,500 35 $13,270,000 143 %



TOP 75 CITIES WITH THE MOST COLDWELL BANKER®
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 - DECEMBER 31, 2004
Source: Coldwell Banker Real Estate Corporation

 

City State 2004 Rank 2004 Total
Sales Volume		 2003 Rank 2003 Total
Sales Volume		 % Change
Los Angeles CA 1 $1,677,115,327 1 $1,074,478,632 56 %
Beverly Hills CA 2 $1,015,602,005 2 629,165,505 61 %
San Francisco CA 3 $859,196,439 3 578,436,162 49 %
Newport Beach CA 4 $821,168,950 5 434,603,408 89 %
Malibu CA 5 $669,607,770 4 577,596,506 16 %
Laguna Beach CA 6 $485,251,829 17 202,875,000 139 %
Montecito CA 7 $460,292,000 16 202,961,875 127 %
Pacific Palisades CA 8 $440,591,357 6 380,958,340 14 %
Palo Alto CA 9 $405,854,862 13 215,272,964 89 %
Santa Monica CA 10 $399,851,703 7 344,115,528 16 %
Rancho Santa Fe CA 11 $384,449,132 9 262,647,414 46 %
Los Altos CA 12 $379,779,485 8 316,882,213 20 %
Los Gatos CA 13 $375,387,112 21 178,722,350 52 %
Boston MA 14 $339,552,317 18 195,506,902 74 %
Miami Beach FL 15 $317,156,740 38 133,470,900 138 %
Menlo Park CA 16 $315,983,621 11 230,662,100 37 %
Saratoga CA 17 $314,393,174 12 223,383,264 40 %
Washington DC 18 $305,380,626 25 165,092,361 85 %
Atherton CA 19 $302,850,250 19 182,653,000 66 %
Santa Barbara CA 20 $284,939,717 10 261,851,600 9 %
Honolulu HI 21 $282,379,834 24 166,642,500 69 %
Westport CT 22 $276,719,388 22 172,362,750 59 %
Newport Coast CA 23 $273,362,844 30 153,445,230 78 %
Chicago IL 24 $266,560,442 20 179,605,100 48 %
San Jose CA 25 $249,121,123 47 121,718,350 105 %
Carmel CA 26 $241,921,495 36 137,166,500 76 %
Calabasas CA 27 $228,962,697 42 129,752,568 76 %
Greenwich CT 28 $220,041,958 31 153,175,150 44 %
Corona Del Mar CA 29 $218,027,260 50 116,993,855 86 %
Wellesley MA 30 $215,175,880 35 146,411,375 47 %
Pasadena CA 31 $214,895,808 29 157,747,400 36 %
Fort Lauderdale FL 32 $206,909,907 26 161,760,200 28 %
Boca Raton FL 33 $197,009,351 15 203,956,300 -3 %
Los Altos Hills CA 34 $196,328,072 32 150,813,670 30 %
San Diego CA 35 $184,715,270 54 103,661,400 78 %
Naples FL 36 $183,168,264 28 158,684,474 15 %
La Jolla CA 37 $183,095,068 40 131,524,250 39 %
Woodside CA 38 $180,494,000 14 211,513,000 -15 %
Longboat Key FL 39 $176,049,422 69 70,515,500 150 %
Lake Forest IL 40 $172,878,725 34 147,658,399 17 %
Scottsdale AZ 41 $168,171,371 48 121,702,545 38 %
New York NY 42 $165,161,540 52 112,058,800 47 %
Pebble Beach CA 43 $163,701,625 56 100,821,000 62 %
Miami FL 44 $161,944,115 41 131,017,935 24 %
Weston MA 45 $161,389,225 44 128,434,023 26 %
Paradise Valley AZ 46 $154,370,211 33 150,731,500 2 %
Winnetka IL 47 $153,772,050 39 132,197,428 16 %
Portola Valley CA 48 $150,805,750 43 129,497,444 16 %
Mercer Island WA 49 $147,994,430 73 67,679,626 119 %
Irvine CA 50 $141,547,542 107 44,926,125 215 %
Del Mar CA 51 $140,418,900 60 88,044,025 59 %
San Marino CA 52 $136,908,913 55 100,838,401 36 %
Newton MA 53 $128,951,715 53 106,346,105 21 %
Hancock Park CA 54 $127,805,950 59 88,619,320 44 %
New Canaan CT 55 $126,125,100 82 58,386,108 116 %
Tarzana CA 56 $124,026,700 92 53,592,500 131 %
Dallas TX 57 $122,649,105 27 160,189,437 -23 %
Cupertino CA 58 $122,343,225 93 52,434,588 133 %
Coral Gables FL 59 $121,874,750 57 100,699,500 21 %
Burlingame CA 60 $121,504,856 95 51,658,000 135 %
Palos Verdes Estates CA 61 $121,349,503 45 122,334,224 -1 %
San Mateo CA 62 $120,886,775 68 70,714,250 71 %
Brentwood CA 63 $119,197,835 23 170,199,032 -30 %
Hillsborough CA 64 $117,321,812 51 116,594,888 1 %
Westlake Village CA 65 $114,565,235 37 133,849,725 -14 %
Mill Valley CA 66 $113,647,794 61 84,009,250 35 %
Rancho Palos Verdes CA 67 $112,339,750 66 71,172,970 58 %
Redwood City CA 68 $112,039,391 88 56,995,440 97 %
Sarasota FL 69 $108,874,135 58 98,309,400 11 %
Encino CA 70 $105,866,250 49 119,380,500 -11 %
Kihei HI 71 $104,820,000 46 122,002,800 -14 %
Annapolis MD 72 $101,283,697 78 65,826,200 54 %
Wilmette IL 73 $100,955,000 75 67,129,000 50 %
Sherman Oaks CA 74 $97,058,240 110 43,356,000 124 %
Granite Bay CA 75 $96,843,959 81 59,727,631 62 %



TOP 50 PRICES PAID FOR INDIVIDUAL LUXURY HOMES
SOLD BY COLDWELL BANKER SALES ASSOCIATES
JANUARY 1 to DECEMBER 31, 2004
Source: Coldwell Banker Real Estate Corporation

 

2004 Rank City State Selling Price
1 Beverly Hills CA $30,000,000
2 Pebble Beach CA $20,500,000
3 Montecito CA $20,000,000
4 Rancho Santa Fe CA $20,000,000
5 Miami Beach FL $19,800,000
6 Lompoc CA $17,800,000
7 Los Altos Hills CA $17,500,000
8 Los Angeles CA $17,500,000
9 Beverly Hills CA $17,500,000
10 Beverly Hills CA $16,750,000
11 North Island CA $16,350,000
12 Los Angeles CA $16,000,000
13 Montecito CA $16,000,000
14 Del Mar CA $15,750,000
15 Bethel Island CA $15,725,000
16 Beverly Hills CA $15,500,000
17 Montecito CA $15,250,000
18 Los Angeles CA $14,950,000
19 Montecito CA $14,500,000
20 Atherton CA $14,475,000
21 Panama City Beach FL $14,000,000
22 Los Angeles CA $14,000,000
23 Beverly Hills CA $14,000,000
24 Lahaina HI $13,700,000
25 Earleville MD $13,600,000
26 Greenwich (Belle Haven) CT $13,500,000
27 Greenwich CT $13,500,000
28 Carmel Highlands CA $13,000,000
29 Highland Beach FL $13,000,000
30 Beverly Hills CA $13,000,000
31 Las Vegas NV $13,000,000
32 Los Angeles CA $12,880,000
33 Beverly Hills CA $12,707,750
34 Riverside CT $12,600,000
35 Lanark Scotland TX $12,408,900
36 Miami Beach FL $12,350,000
37 Newport Coast CA $12,200,000
38 Malibu CA $12,000,000
39 Malibu CA $12,000,000
40 Carmel CA $11,950,000
41 Newport Coast CA $11,900,000
42 Laguna Beach CA $11,875,000
43 Miami Beach FL $11,800,000
44 Woodside CA $11,800,000
45 Laguna Beach CA $11,533,380
46 Montecito CA $11,500,000
47 Newport Beach CA $11,500,000
48 Aspen CO $11,250,000
49 Palm Desert CA $11,250,000
50 Newport Coast CA $11,100,000



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, FL, 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.

 

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