Explaining Southern California's economy

If you want to buy a house in Santa Monica, bring $1 million or go home

ferris wheel santa monica pier

Photo by guyprentice via Flickr Creative Commons

Gorgeous. You can visit, but if you want to live with this view, you'll need a million bucks.

This week, real estate tracking firm DataQuick released its annual report on the condition of the million-dollar (and up...waaayyy up) home market in California.

There was the usual drive-by-and-gawk stuff. The Woodside manse that went for $117.5 million in 2012. A 13-bathroom (is that unlucky?) palace in Bel Air. The seemingly impressive 26,993 homes that sold for a million or more in 2012 in California, a 27 percent rise from 2011.

Why seemingly impressive?

Because in 2007, the total was 45,502.

How far we have fallen.

The report also contained this astounding factoid: "Virtually all home sales in some communities were in the $1 million-plus category." 

One of those communities was Santa Monica. Specifically, what DataQuick analyst John Karevoll identified as the "enclavish" zip code of 90402, where 91.2 percent of the homes sold in 2012 changed hands for at least a million bucks.

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