"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."
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.
#luxury-real-estate-market #southern-california-housing #million-dollar-homes #real-estate-decline-1992 #mortgage-financing-trends
Read at Los Angeles Times
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