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Million-Dollar Homes Set State Sales Record in 1999

Special to The Times

Sales of million-dollar homes in California set a record in 1999, in large part because of a sustained sales surge in the Bay Area, a real estate information service reported.

A total of 7,553 homes were sold in California for $1 million or more last year. That was up 40.8% from the year before, when 5,366 were sold, according to Acxiom/DataQuick of La Jolla.

Both last year and the year before saw new records, passing the previous peak of 4,271 in 1989. The low point of the decade was 1995 when 2,017 $1-million homes were sold.

Bay Area million-dollar sales increased a whopping 68.1% last year, totaling 3,093, up from 1,840 the year before. Santa Clara County alone went from 575 to 1,073, up 86.6%, the most for any major county statewide. The Bay Area accounts for 41% of the state’s million-dollar sales, up from 20% 10 years ago.

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Southern California went from 3,186 to 3,988 last year, a 25.2% increase, Acxiom/DataQuick reported.

Saratoga 95070 topped the ZIP Code list with 241 sales, followed by Hillsborough 94010 with 238 and Rancho Santa Fe 92067 with 229, the information service reported.

There were 367 condo sales in the million-dollar category, mostly in West Los Angeles and San Francisco.

About 17% of the buyers paid cash. Of those who used a mortgage, the median down payment was $412,500.

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A total of 555,171 homes were sold in California last year, up 8.2% from 513,309 the year before. The statewide median went up from $196,000 to $210,000, a 7.1% increase.

(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)

California’s Million-Dollar Home Sales

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ZIP Community 1998 1999 1999s Most Code Sales Sales Expensive 95070 Saratoga 139 241 $4.7 million 94010 Hillsborough 140 238 $3.9 million 92067 Rancho Santa Fe 198 229 $8 million 94022 Los Altos 128 169 $5.85 million 92037 La Jolla 137 164 $15.85 million 90210 Beverly Hills 175 158 $12 million 90272 Pacific Palisades 142 136 $3.65 million 90274 Rolling Hills Estates 115 136 $4.5 million 92660 Newport Beach 88 134 $3.7 million 94024 Los Altos 49 133 $2.5 million 94920 Belvedere Tiburon 83 128 $6.53 million 90049 Brentwood 127 127 $4.43 million 90266 Manhattan Beach 65 121 $7.35 million 90265 Malibu 95 103 $27 million 92651 Laguna Beach 99 100 $7 million 95030 Los Gatos 56 97 $8.5 million 94025 Menlo Park 60 95 $2.35 million 94506 Danville 34 89 $5.85 million 94941 Mill Valley 54 89 $3.5 million 90402 Santa Monica 86 87 $4.26 million 91302 Calabasas 82 84 $5.5 million 92625 Corona Del Mar 64 82 $5.4 million 90275 Rancho Palos Verdes 41 78 $2.55 million 94062 Redwood City 40 73 $5.4 million 90077 Bel-Air 48 70 $6.38 million

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Source: Acxiom/DataQuick Information Systems


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