Tracking luxury home prices are difficult due to the low volume. A couple of very expensive home, over $4 million can change the skew of the mix.
There are 44 ZIP Codes in Los Angeles, Orange, Santa Barbara and San Diego counties where median prices exceed $1 million. Prices in these high-end communities dropped nearly 26% from their January 2008 peak to April 2010. They have gained back 5% since then.
Prices in Rancho Santa Fe, ranked by Forbes as the third most expensive community in the nation, have fallen nearly 31% since their 2005 peak, and they have yet to turn the corner.
Through October, Beverly Hills 90210 had the highest median of these top-priced neighborhoods at $2.7 million. That's down a mere 18.7% from the 2008 crest, but it too has not shown any rebound.
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