SAN FRANCISCO, CA--(BUSINESS WIRE)--Luxury home values rose in Los Angeles and San Francisco in the second quarter of 2011 compared to the first quarter, but declined in San Diego, according to the First Republic Prestige Home Index™ by First Republic Bank, a leading private bank and wealth management company.
Los Angeles area values climbed 1.7% from the first quarter of 2011 and increased 1.8% from the second quarter a year ago. The average luxury home in Los Angeles is now $2.0 million.
San Diego area values decreased 1.2% from the first quarter and fell 6.0% year-over-year. The average luxury home in San Diego is now $1.6 million.
San Francisco Bay Area values rose 0.6% from the first quarter and were 3.1% lower compared to a year ago. The average luxury home in San Francisco is now $2.5 million.
“Luxury home prices were largely stable in the second quarter of 2011,” said Katherine August-deWilde (top right photo), President and Chief Operating Officer of First Republic Bank.
“Certain communities in California, particularly those in and around the Silicon Valley and parts of San Francisco, showed robust activity. Real estate agents are now reporting that economic uncertainty and stock market volatility are impacting some buyers, despite the all-time low mortgage interest rates.”
For a complete copy of the company’s news release, please contact
Blue Marlin Partners
Greg Berardi, 415-239-7826
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