Somewhat surprisingly, sales of homes ranging from $1 million asking price or more, rose 45 percent for 2013 – the highest increase in six years for sales figures. Southern California has traditionally been a haven for luxury homebuyers. In 2013, approximately 10,602 buyers gathered funds to purchase luxury homes.

Areas that typically witness luxury home purchases include Beverly Hills, Brentwood, Bel Air, and Pacific Palisades. Lot sizes in the aforementioned areas that are seeing a spike in sales can range from 7,500 square feet and up. Sales of luxury homes in Santa Monica were consistently $1 million and above. This surge of luxury home buying is due to the reappearance of buyers with significant purchasing power. This renewed enthusiasm and purchasing power is benefitting the state – California’s economy is improving steadily, the state’s median home price has risen by 20 percent, and the stock market’s status is healthier.

The most expensive sale for 2013 in California was completed in Malibu – a gargantuan 15,355 square foot, eight bedroom, and fourteen bathroom beachfront palace sold for a staggering $74.5 million. The property sits on a 4.85 acre lot.

Source: http://www.dailynews.com/business/20140130/southern-californias-luxury-housing-market-rebounds