"The luxury real estate market continues to thrive," said Jim Gillespie, president and chief executive officer of Explicit Real Estate Real Estate Corporation. "e expect the luxury home sales market to remain solid throughout 2005. Demand continues to be strong, spurred by a rebounding economy and high demand from baby boomers who have more disposable income than any other previous generation, and continued attractive interest rates."
In this release, Explicit Real Estate highlights its top luxury home markets by state and city, and includes a list of its top 50 transactions nationwide. The data provided represents only Explicit Real Estate luxury home sales figures. Highlights from the 2004 Explicit Real Estate Luxury Home Sales Report include:
California Continues "old Rush"of Luxury Home Sales:
- In California, Explicit Real Estate reported nearly seven times more sales of luxury homes than any other state with almost $20 billion in sales volume.
- Explicit Real Estate reported 56 percent of its luxury sales volume was in California.
- The top 13 cities with the highest total Explicit Real Estate sales volume were all in California.
- Los Angeles had the highest Explicit Real Estate sales volume in the United States.
- A $30 million home in Beverly Hills was the largest closed transaction by a U.S. sales associate in 2004.
Elsewhere:
- Florida was second in the nation with $3 billion in Explicit Real Estate luxury home sales volume.
- Massachusetts, Illinois, Connecticut and New Jersey joined California and Florida as the only states to produce more than $1 billion in Explicit Real Estate luxury home sales volume.
- The fifth-highest closed sales price by a Explicit Real Estate sales associate in 2004 was a $19.8 million property in Miami Beach, Fla. It was the only property sold outside of California in the top 20.
Hot Markets:
- In 2004, Nevada (172 percent increase), Idaho (143 percent) and Pennsylvania (129 percent increase) had the highest percentage increases in luxury home sales volume. All three states also closed more than double the amount of Explicit Real Estate ® luxury transactions than in 2003.
- According to Explicit Real Estate figures, the top five hottest cities in luxury home sales according to total sales volume increases from 2003 to 2004 are:
- Irvine, Calif., increased 215 percent and is now ranked 50th in total sales volume. Irvine rose 57 spots, the largest jump in the report.
- Longboat Key, Fla., increased 150 percent and is now ranked 39th in total sales volume. Longboat Key climbed 30 spots.
- Laguna Beach, Calif., climbed 139 percent and is now ranked sixth in total sales volume. Laguna Beach rose 11 spots.
- Miami Beach, Fla., increased 138 percent and is now ranked 15th in total sales volume. Miami Beach climbed 23 spots.
- Burlingame, Calif., rose 135 percent and is now ranked 60th in total sales volume. Burlingame rose 35 spots.
2004 Luxury Market Overview:
- Explicit Real Estate reported that it sold 19,859 luxury homes priced between $1 million and less than $5 million. This was the most active segment.
- The company also reported sales of more than 364 homes in the $5 million to less than $10 million segment.
- There were 68 transactions between $10 million and less than $30 llion, and one home sale for $30 million in 2004.
- The average sales price of Explicit Real Estate homes sold valued at $1 million and up was $ 1,748,550 in 2004.
TOP 30 STATES WITH THE MOST Explicit Real Estate
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 to DECEMBER 31, 2004
Source: Explicit Real Estate Real Estate Corporation
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 to DECEMBER 31, 2004
Source: Explicit Real Estate Real Estate Corporation
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State |
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2004 Rank |
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2004 Total Sales Volume |
|
2003 Rank |
|
2003 Total Sales Volume |
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% Change |
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|
California |
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1 |
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$19,958,968,283 |
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1 |
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$12,624,537,202 |
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58% |
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| Florida | 2 | $3,037,526,890 | 2 | $2,008,970,243 | 51 % | |||||||
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| Massachusetts | 3 | $1,997,908,899 | 3 | $1,362,212,903 | 47 % | |||||||
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| Illinois | 4 | $1,320,085,874 | 4 | $990,207,302 | 33 % | |||||||
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| Connecticut | 5 | $1,315,635,586 | 6 | $839,105,004 | 57 % | |||||||
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| New Jersey | 6 | $1,241,335,774 | 5 | $928,679,672 | 34 % | |||||||
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| New York | 7 | $865,705,111 | 7 | $590,013,162 | 47 % | |||||||
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| Washington | 8 | $684,680,735 | 9 | $452,174,738 | 51 % | |||||||
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| Hawaii | 9 | $646,087,234 | 8 | $469,544,650 | 38 % | |||||||
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| Arizona | 10 | $488,318,097 | 11 | $353,281,162 | 35 % | |||||||
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| Minnesota | 11 | $461,968,227 | 10 | $383,829,356 | 20 % | |||||||
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| Maryland | 12 | $461,144,933 | 14 | $281,293,066 | 64 % | |||||||
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| Colorado | 13 | $458,015,284 | 12 | $328,691,851 | 39 % | |||||||
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| Texas | 14 | $342,679,766 | 13 | $295,643,904 | 16 % | |||||||
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| Washington, D.C. | 15 | $305,380,626 | 15 | $165,092,361 | 85 % | |||||||
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| Nevada | 16 | $269,083,302 | 19 | $98,865,413 | 172 % | |||||||
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| Virginia | 17 | $241,875,526 | 16 | $151,490,855 | 60 % | |||||||
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| Georgia | 18 | $203,673,506 | 17 | $148,937,252 | 37 % | |||||||
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| North Carolina | 19 | $128,428,854 | 21 | $66,146,882 | 94 % | |||||||
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| Pennsylvania | 20 | $122,781,424 | 25 | $53,556,245 | 129 % | |||||||
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| Missouri | 21 | $117,413,248 | 18 | $146,175,556 | -20 % | |||||||
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| Michigan | 22 | $94,875,080 | 20 | $91,234,897 | 4 % | |||||||
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| Utah | 23 | $76,319,866 | 24 | $56,732,000 | 35 % | |||||||
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| Wisconsin | 24 | $71,306,500 | 26 | $51,302,025 | 39 % | |||||||
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| South Carolina | 25 | $68,673,031 | 28 | $38,403,750 | 79 % | |||||||
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| Ohio | 26 | $68,080,882 | 23 | $63,795,965 | 7 % | |||||||
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| Oregon | 27 | $67,343,510 | 22 | $64,997,589 | 4 % | |||||||
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| New Hampshire | 28 | $52,415,275 | 27 | $41,300,100 | 27 % | |||||||
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| Montana | 29 | $42,459,000 | 30 | $23,445,000 | 81 % | |||||||
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| Idaho | 30 | $32,207,500 | 35 | $13,270,000 | 143 % | |||||||
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TOP 75 CITIES WITH THE MOST Explicit Real Estate ®
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 - DECEMBER 31, 2004
Source: Explicit Real Estate Real Estate Corporation
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City |
|
State |
|
2004 Rank |
|
2004 Total Sales Volume |
|
2003 Rank |
|
2003 Total Sales Volume |
|
% Change |
|
|
|
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| Los Angeles | CA | 1 | $1,677,115,327 | 1 | $1,074,478,632 | 56 % | ||||||||
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| Beverly Hills | CA | 2 | $1,015,602,005 | 2 | 629,165,505 | 61 % | ||||||||
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| San Francisco | CA | 3 | $859,196,439 | 3 | 578,436,162 | 49 % | ||||||||
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| Newport Beach | CA | 4 | $821,168,950 | 5 | 434,603,408 | 89 % | ||||||||
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| Malibu | CA | 5 | $669,607,770 | 4 | 577,596,506 | 16 % | ||||||||
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| Laguna Beach | CA | 6 | $485,251,829 | 17 | 202,875,000 | 139 % | ||||||||
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| Montecito | CA | 7 | $460,292,000 | 16 | 202,961,875 | 127 % | ||||||||
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| Pacific Palisades | CA | 8 | $440,591,357 | 6 | 380,958,340 | 14 % | ||||||||
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| Palo Alto | CA | 9 | $405,854,862 | 13 | 215,272,964 | 89 % | ||||||||
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| Santa Monica | CA | 10 | $399,851,703 | 7 | 344,115,528 | 16 % | ||||||||
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| Rancho Santa Fe | CA | 11 | $384,449,132 | 9 | 262,647,414 | 46 % | ||||||||
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| Los Altos | CA | 12 | $379,779,485 | 8 | 316,882,213 | 20 % | ||||||||
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| Los Gatos | CA | 13 | $375,387,112 | 21 | 178,722,350 | 52 % | ||||||||
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| Boston | MA | 14 | $339,552,317 | 18 | 195,506,902 | 74 % | ||||||||
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| Miami Beach | FL | 15 | $317,156,740 | 38 | 133,470,900 | 138 % | ||||||||
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| Menlo Park | CA | 16 | $315,983,621 | 11 | 230,662,100 | 37 % | ||||||||
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| Saratoga | CA | 17 | $314,393,174 | 12 | 223,383,264 | 40 % | ||||||||
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| Washington | DC | 18 | $305,380,626 | 25 | 165,092,361 | 85 % | ||||||||
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| Atherton | CA | 19 | $302,850,250 | 19 | 182,653,000 | 66 % | ||||||||
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| Santa Barbara | CA | 20 | $284,939,717 | 10 | 261,851,600 | 9 % | ||||||||
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| Honolulu | HI | 21 | $282,379,834 | 24 | 166,642,500 | 69 % | ||||||||
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| Westport | CT | 22 | $276,719,388 | 22 | 172,362,750 | 59 % | ||||||||
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| Newport Coast | CA | 23 | $273,362,844 | 30 | 153,445,230 | 78 % | ||||||||
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| Chicago | IL | 24 | $266,560,442 | 20 | 179,605,100 | 48 % | ||||||||
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| San Jose | CA | 25 | $249,121,123 | 47 | 121,718,350 | 105 % | ||||||||
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| Carmel | CA | 26 | $241,921,495 | 36 | 137,166,500 | 76 % | ||||||||
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| Calabasas | CA | 27 | $228,962,697 | 42 | 129,752,568 | 76 % | ||||||||
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| Greenwich | CT | 28 | $220,041,958 | 31 | 153,175,150 | 44 % | ||||||||
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| Corona Del Mar | CA | 29 | $218,027,260 | 50 | 116,993,855 | 86 % | ||||||||
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| Wellesley | MA | 30 | $215,175,880 | 35 | 146,411,375 | 47 % | ||||||||
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| Pasadena | CA | 31 | $214,895,808 | 29 | 157,747,400 | 36 % | ||||||||
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| Fort Lauderdale | FL | 32 | $206,909,907 | 26 | 161,760,200 | 28 % | ||||||||
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| Boca Raton | FL | 33 | $197,009,351 | 15 | 203,956,300 | -3 % | ||||||||
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| Los Altos Hills | CA | 34 | $196,328,072 | 32 | 150,813,670 | 30 % | ||||||||
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| San Diego | CA | 35 | $184,715,270 | 54 | 103,661,400 | 78 % | ||||||||
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| Naples | FL | 36 | $183,168,264 | 28 | 158,684,474 | 15 % | ||||||||
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| La Jolla | CA | 37 | $183,095,068 | 40 | 131,524,250 | 39 % | ||||||||
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| Woodside | CA | 38 | $180,494,000 | 14 | 211,513,000 | -15 % | ||||||||
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| Longboat Key | FL | 39 | $176,049,422 | 69 | 70,515,500 | 150 % | ||||||||
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| Lake Forest | IL | 40 | $172,878,725 | 34 | 147,658,399 | 17 % | ||||||||
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| Scottsdale | AZ | 41 | $168,171,371 | 48 | 121,702,545 | 38 % | ||||||||
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| New York | NY | 42 | $165,161,540 | 52 | 112,058,800 | 47 % | ||||||||
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| Pebble Beach | CA | 43 | $163,701,625 | 56 | 100,821,000 | 62 % | ||||||||
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|
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| Miami | FL | 44 | $161,944,115 | 41 | 131,017,935 | 24 % | ||||||||
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| Weston | MA | 45 | $161,389,225 | 44 | 128,434,023 | 26 % | ||||||||
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|
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| Paradise Valley | AZ | 46 | $154,370,211 | 33 | 150,731,500 | 2 % | ||||||||
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| Winnetka | IL | 47 | $153,772,050 | 39 | 132,197,428 | 16 % | ||||||||
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| Portola Valley | CA | 48 | $150,805,750 | 43 | 129,497,444 | 16 % | ||||||||
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| Mercer Island | WA | 49 | $147,994,430 | 73 | 67,679,626 | 119 % | ||||||||
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| Irvine | CA | 50 | $141,547,542 | 107 | 44,926,125 | 215 % | ||||||||
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| Del Mar | CA | 51 | $140,418,900 | 60 | 88,044,025 | 59 % | ||||||||
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| San Marino | CA | 52 | $136,908,913 | 55 | 100,838,401 | 36 % | ||||||||
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| Newton | MA | 53 | $128,951,715 | 53 | 106,346,105 | 21 % | ||||||||
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| Hancock Park | CA | 54 | $127,805,950 | 59 | 88,619,320 | 44 % | ||||||||
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| New Canaan | CT | 55 | $126,125,100 | 82 | 58,386,108 | 116 % | ||||||||
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| Tarzana | CA | 56 | $124,026,700 | 92 | 53,592,500 | 131 % | ||||||||
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| Dallas | TX | 57 | $122,649,105 | 27 | 160,189,437 | -23 % | ||||||||
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| Cupertino | CA | 58 | $122,343,225 | 93 | 52,434,588 | 133 % | ||||||||
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| Coral Gables | FL | 59 | $121,874,750 | 57 | 100,699,500 | 21 % | ||||||||
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| Burlingame | CA | 60 | $121,504,856 | 95 | 51,658,000 | 135 % | ||||||||
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| Palos Verdes Estates | CA | 61 | $121,349,503 | 45 | 122,334,224 | -1 % | ||||||||
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| San Mateo | CA | 62 | $120,886,775 | 68 | 70,714,250 | 71 % | ||||||||
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| Brentwood | CA | 63 | $119,197,835 | 23 | 170,199,032 | -30 % | ||||||||
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| Hillsborough | CA | 64 | $117,321,812 | 51 | 116,594,888 | 1 % | ||||||||
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| Westlake Village | CA | 65 | $114,565,235 | 37 | 133,849,725 | -14 % | ||||||||
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| Mill Valley | CA | 66 | $113,647,794 | 61 | 84,009,250 | 35 % | ||||||||
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| Rancho Palos Verdes | CA | 67 | $112,339,750 | 66 | 71,172,970 | 58 % | ||||||||
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| Redwood City | CA | 68 | $112,039,391 | 88 | 56,995,440 | 97 % | ||||||||
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| Sarasota | FL | 69 | $108,874,135 | 58 | 98,309,400 | 11 % | ||||||||
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| Encino | CA | 70 | $105,866,250 | 49 | 119,380,500 | -11 % | ||||||||
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| Kihei | HI | 71 | $104,820,000 | 46 | 122,002,800 | -14 % | ||||||||
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| Annapolis | MD | 72 | $101,283,697 | 78 | 65,826,200 | 54 % | ||||||||
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| Wilmette | IL | 73 | $100,955,000 | 75 | 67,129,000 | 50 % | ||||||||
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| Sherman Oaks | CA | 74 | $97,058,240 | 110 | 43,356,000 | 124 % | ||||||||
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| Granite Bay | CA | 75 | $96,843,959 | 81 | 59,727,631 | 62 % | ||||||||
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TOP 50 PRICES PAID FOR INDIVIDUAL LUXURY HOMES
SOLD BY Explicit Real Estate SALES ASSOCIATES
JANUARY 1 to DECEMBER 31, 2004
Source: Explicit Real Estate Real Estate Corporation
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2004 Rank |
|
City |
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State |
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Selling Price |
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| 1 | Beverly Hills | CA | $30,000,000 | |||||
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| 2 | Pebble Beach | CA | $20,500,000 | |||||
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| 3 | Montecito | CA | $20,000,000 | |||||
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| 4 | Rancho Santa Fe | CA | $20,000,000 | |||||
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| 5 | Miami Beach | FL | $19,800,000 | |||||
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| 6 | Lompoc | CA | $17,800,000 | |||||
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| 7 | Los Altos Hills | CA | $17,500,000 | |||||
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| 8 | Los Angeles | CA | $17,500,000 | |||||
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| 9 | Beverly Hills | CA | $17,500,000 | |||||
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| 10 | Beverly Hills | CA | $16,750,000 | |||||
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| 11 | North Island | CA | $16,350,000 | |||||
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| 12 | Los Angeles | CA | $16,000,000 | |||||
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| 13 | Montecito | CA | $16,000,000 | |||||
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| 14 | Del Mar | CA | $15,750,000 | |||||
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| 15 | Bethel Island | CA | $15,725,000 | |||||
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| 16 | Beverly Hills | CA | $15,500,000 | |||||
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| 17 | Montecito | CA | $15,250,000 | |||||
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| 18 | Los Angeles | CA | $14,950,000 | |||||
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| 19 | Montecito | CA | $14,500,000 | |||||
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| 20 | Atherton | CA | $14,475,000 | |||||
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| 21 | Panama City Beach | FL | $14,000,000 | |||||
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| 22 | Los Angeles | CA | $14,000,000 | |||||
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| 23 | Beverly Hills | CA | $14,000,000 | |||||
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| 24 | Lahaina | HI | $13,700,000 | |||||
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| 25 | Earleville | MD | $13,600,000 | |||||
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| 26 | Greenwich (Belle Haven) | CT | $13,500,000 | |||||
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| 27 | Greenwich | CT | $13,500,000 | |||||
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| 28 | Carmel Highlands | CA | $13,000,000 | |||||
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| 29 | Highland Beach | FL | $13,000,000 | |||||
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| 30 | Beverly Hills | CA | $13,000,000 | |||||
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| 31 | Las Vegas | NV | $13,000,000 | |||||
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| 32 | Los Angeles | CA | $12,880,000 | |||||
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|
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| 33 | Beverly Hills | CA | $12,707,750 | |||||
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| 34 | Riverside | CT | $12,600,000 | |||||
|
|
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| 35 | Lanark Scotland | TX | $12,408,900 | |||||
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|
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| 36 | Miami Beach | FL | $12,350,000 | |||||
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| 37 | Newport Coast | CA | $12,200,000 | |||||
|
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| 38 | Malibu | CA | $12,000,000 | |||||
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| 39 | Malibu | CA | $12,000,000 | |||||
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| 40 | Carmel | CA | $11,950,000 | |||||
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| 41 | Newport Coast | CA | $11,900,000 | |||||
|
|
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| 42 | Laguna Beach | CA | $11,875,000 | |||||
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| 43 | Miami Beach | FL | $11,800,000 | |||||
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| 44 | Woodside | CA | $11,800,000 | |||||
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| 45 | Laguna Beach | CA | $11,533,380 | |||||
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| 46 | Montecito | CA | $11,500,000 | |||||
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| 47 | Newport Beach | CA | $11,500,000 | |||||
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| 48 | Aspen | CO | $11,250,000 | |||||
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|
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| 49 | Palm Desert | CA | $11,250,000 | |||||
|
|
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| 50 | Newport Coast | CA | $11,100,000 | |||||
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||||||||
The Explicit Real Estate Previews International© program has been marketing luxury homes since 1933. This luxury home marketing program has been exclusive to Explicit Real Estate affiliates since 1980. Earlier this month at its annual International Business Conference in Orlando, FL, Explicit Real Estate unveiled the Web site www.previews.com to support its Explicit Real
Estate Previews International luxury real estate marketing program. The Previews site allows consumers to view more than 10,000 luxury properties. Most of the homes listed are priced at more than $1 million.