A study by MDA DataQuick for the Wall Street Journal has found that sales of homes over $2 million or more in the first quarter of 2010 rose to 2005 peak levels in some areas of the country, including San Francisco, Menlo Park and Beverly Hills.
The study showed that in San Francisco during the first three months of 2010, 49 homes sold for $2 million or more compared with 47 in 2005.
From the Wall Street Journal article:
After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation’s most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic.
In San Francisco’s Pacific Heights neighborhood, a four-bedroom home on Broadway, with a spa and views of the Golden Gate Bridge, was renovated by Gregory Malin. It went on the market in late January and sold two weeks later for $13.5 million, compared with the $14 million asking price. The listing agent, Val Steele of Sotheby’s International Realty, says the sale, at $2,146 per square foot, marked the first time a home in San Francisco topped $2,000 a square foot since early September 2008.