In a recent report by DQNews.com, it has been revealed that “the number of homes that sold for a million or more dollars rose last year to the highest level in six years, the result of rising home prices and an improving economy, among other factors.” These statistics bring with them rising hopes in the La Jolla and Rancho Santa Fe areas of San Diego, communities traditionally known for their high-end living and luxury real estate. Of the homes sold last year, it is reported “39,175 sold for a million dollars or more in 2013, up 45.1 percent from 26,993 in 2012.”
Quite separate from the rest of the real estate market, the luxury real estate market has always been a creature all its own. Influenced by a unique set of factors, its rises and falls do not necessarily mimic those of the rest of the market. However, if the trends of the past year carry on through the remainder of 2014, it is expected communities such as La Jolla and Rancho Santa Fe can continue to see an increase in new residents.
The full report, and other Real Estate stories, can be found online at http://www.dqnews.com/Articles/2014/News/California/MDCA140130.aspx.