Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Coldwell Banker Sees 52% Gain in Luxury Home Sales
PARSIPPANY, N.J. -- Sales of U.S. luxury homes valued at $1 million or more at Coldwell Banker Real Estate Corp. surged to an all-time high of $35.5 billion last year, surpassing the company's previous record of $23.3 billion set in 2003, according to Jim Gillespie, president and chief executive officer. Coldwell Banker affiliated companies nationwide participated in the sales of 20,292 homes in 2004, a 47% increase over 2003 results.The average price for Coldwell Banker luxury homes sold in 2004 also rose to a record $1.7 million, Gillespie said."The luxury real estate market continues to thrive," Gillespie noted. "We 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."Highlights of Coldwell Banker's luxury home market report include: California continues "Gold Rush" of luxury home sales, with nearly seven times more sales of luxury homes than any other state and almost $20 billion in sales volume. Sales of luxury homes in the state constitute 56% of Coldwell Banker's luxury sales volume.Florida was second in the nation with $3 billion. Massachusetts, Illinois, Connecticut and New Jersey joined California and Florida as the only states to produce more than $1 billion in luxury home sales volume.Nevada (172% increase), Idaho (143%) and Pennsylvania (129%) 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.The top five "hottest" cities in luxury home sales according to total sales volume increases from 2003 to 2004, starting with No. 1, are Irvine, Calif. (215% increase); Longboat Key, Fla. (150%);Laguna Beach, Calif. (139%);Miami Beach, Fla. (138%);and Burlingame, Calif. (135%).Coldwell Banker sold 19,859 luxury homes priced between $1 million and less than $5 million and more than 364 in the $5 million to less than $10 million segment.The average sales price of Coldwell Banker homes sold valued at $1 million and up was $ 1,748,550 in 2004.Coldwell Banker Real Estate Corp. is a subsidiary of Cendant Corp.Visit Coldwell Banker Real Estate Corp.: www.coldwellbanker.com"