Southern California's luxury real estate market experienced significant contraction in 1992. Million-dollar home sales dropped 17.8% to 1,267 units across seven counties, compared to 1,541 in 1991, despite overall regional home sales declining only 2.5%. The most expensive property sold was an $8 million Bel-Air mansion, while the largest was a 15,272-square-foot Palos Verdes Estates home selling for $5 million. Average million-dollar homes featured 4.2 bedrooms, 4.1 bathrooms, and 4,272 square feet. Cash purchases dropped from 30% to 20% of transactions, with Home Savings of America leading mortgage lending, followed by Bank of America and seller financing.
"Last year a total of 1,267 homes were sold for more than $1 million in Los Angeles, Orange, San Diego, Riverside, San Bernardino, Ventura and Santa Barbara counties. That was off 17.8% from the 1,541 sold in 1991, according to La Jolla-based Dataquick Information Systems Inc."
"While roughly 30% of the million-dollar buyers paid cash for their homes in 1991, that was down to 20% last year. Of those who did finance their purchase, Home Savings was most willing to provide a mortgage, followed by Bank of America and then the seller."
"The most expensive Southland home sold in 1992 appears to have been a 9,777-square-foot house in Bel-Air with seven bedrooms and nine bathrooms. It went for $8 million. Two or three other home purchases may have exceeded that amount, but their prices could not be determined from public documents."
#luxury-real-estate-market #southern-california-housing #million-dollar-homes #real-estate-decline-1992 #mortgage-financing-trends
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