Million-Dollar Home Sales Up

Sales of million-dollar homes in California made a strong comeback in 1994, showing that the state’s shaky real estate recovery has spread to a hard-hit part of the market, a real estate information service reported.

Buyers paid a million dollars or more for 1,821 new and used houses and condos in 1994. That was up 54.7% from 1,177 for 1993 and it was roughly even with 1992’s total of 1,776, Dataquick Information Systems of La Jolla reported.

Most of California’s very expensive homes are sold in the Malibu-Santa Monica-Beverly Hills-West Los Angeles area, and that region saw significant sales increases. In Beverly Hills, 139 million-dollar homes were sold in 1994. In 1993 the number was 84. In Malibu, sales almost doubled from 32 to 63.