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MILLION-DOLLAR HOMES

 LA JOLLA, Calif., March 3 /PRNewswire/ -- While California home sales overall declined by seven percent last year, sales of homes at the very high was dropped at a steeper rate, a real estate information service reported.
 A total of 1,776 homes were sold for more than a million dollars statewide last year. That was 15.7 percent fewer than 2,107 for the year before, according to La Jolla-based Dataquick Information Systems.
 While most of California's very expensive homes were sold in the Malibu-Santa Monica-Beverly Hills-West Los Angeles area, that region saw some of the steepest sales declines (see chart).
 On the other hand, most Bay Area communities saw stable or increasing million-dollar sales.
 "In Southern California there are a lot of properties being held off the market while people wait for the local economy to improve and for prices to stabilize," said Donald L. Cohn, Dataquick CEO.
 "It's likely sales will pick up this spring and summer as real estate again becomes an attractive place to invest money," Cohn said.
 The most expensive 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 $8,000,000.
 Two or three other sales may have exceeded that amount, but their prices could not be determined from public documents, which is where Dataquick gets its information.
 The largest home sold in 1992 was a six-year-old 15,272 sq.ft residence with 7 bedrooms and 10 bathrooms in Palos Verdes Estates, which was sold in December for $5 million.
 Last year 52 of the million-dollar homes were condos, well down from 128 the year before.
 The average million-dollar home had 4.2 bedrooms, 4.1 bathrooms and was 4,272 square feet in size.
 Dataquick monitors all real estate purchasing and financing in California and other states. The numbers include all homes bought by individuals.
 Several modest homes on valuable lots are included. These are often bought in order to be torn down and replaced with a new residence.
 The median square-foot price for million-dollar homes was $350.33, down from $363.95 in 1991.
 Looking at sales by zip code instead of community names, 90210 had the most million-dollar home sales, followed by 90049 and 90274.
 While roughly 30 percent of the buyers paid cash for their homes in 1991, that was down last year to 20 percent. Of those who did finance their purchase, Home Savings was most willing to provide a mortgage, followed by Bank of America. Seller financing was the third most common way to finance the property purchase.
 Community Num. Num. 1992 Most
 Sold Sold Expensive
 1991 1992 Sold
 Los Angeles (w/Bel Air) 309 220 $8.0 mill.
 Beverly Hills 155 103 $5.6 mill.
 San Francisco 56 68 $3.3 mill.
 Rancho Santa Fe 68 66 $6.9 mill.
 Pacific Palisades 70 57 $7.6 mill.
 Santa Monica 61 55 $7.4 mill.
 Hillsborough 42 48 $2.4 mill.
 Newport Beach 56 46 $4.7 mill.
 La Jolla 49 45 $2.9 mill.
 Atherton 33 42 $2.7 mill.
 Malibu 56 40 $5.6 mill.
 Belvedere-Tiburon 20 29 $2.7 mill.
 Los Altos 34 29 $2.9 mill.
 Indian Wells 19 28 $4.4 mill.
 Corona Del Mar 33 26 $1.9 mill.
 Santa Barbara 32 26 $7.9 mill.
 Irvine 4 25 $1.6 mill.
 Pasadena 39 24 $2.0 mill.
 Arcadia 16 23 $2.4 mill.
 Encino 31 23 $5.2 mill.
 Piedmont 9 21 $2.6 mill.
 San Marino 12 20 $3.0 mill.
 Palos Verdes Estates 11 19 $5.0 mill.
 Rancho Palos Verdes 36 18 $2.1 mill.
 Saratoga 24 18 $1.8 mill.
 -0- 3/3/93
 /CONTACT: John Karevoll, 714-867-9534/


CO: ST: California IN: SU:

BP-JB -- LA035 -- 8118 03/03/93 16:38 EST
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Date:Mar 3, 1993
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