Sales of Million Dollar Plus Homes 1/3 of What They Were in 2005
*Only 18,261 homes sold for over $1 million dollars in 2009, a mere fraction of the 54,773 which were sold during the speculative boom in 2005.
*Approximately 1,900 homes in California that were sold for over $1 million prior to 2009 were sold in 2009 for six digits.
*Cash is king…Of the homes purchased for over $5 million, 66% were paid for in cash, as were 29% of homes purchased for over $1 million.
High-tier properties are first in a recession to slow down in sales volume, but always the last to enter the foreclosure fray- but they will have to hit at some point especially properties that were financed after 2001.
By John Skinner
