Luxury Home Prices Slip in San Diego
Latest indication of the Real Estate market slowing in the San Diego area...
By Dan Levy
Feb. 21 (Bloomberg) -- Luxury home prices in California, the nation's most expensive real estate market, fell for the first time in two years as potential buyers waited for prices to fall and fewer sellers received multiple offers, according to a survey by San Francisco-based First Republic Bank.
The average price of a luxury home fell to $2.9 million in San Francisco, $2.35 million in Los Angeles and $2.15 million in San Diego, First Republic said. The bank's survey covers hundreds of homes in places such as Atherton, Los Gatos, Orinda and Tiburon in Northern California and Beverly Hills, Pasadena, Malibu, Del Mar and La Jolla in Southern California.
Fourth-quarter prices for a basket of high-end homes tracked by the bank's own index fell 1.5 percent in the San Francisco area and 1.3 percent in the San Diego area. That's the first quarterly drop in those cities since 2004, First Republic said. In the Los Angeles area, prices declined 0.8 percent, the first drop since 2002.
What has your experience been in selling luxury homes in the San Diego area?
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