Simi Valley & Thousand Oaks Real Estate

Affluent Homeowners Focus on Location, Location, Location According to the 2008 Coldwell Banker Previews International Luxury Survey High-End Homeowners Still Aspire for a Dream Home; 17 Percent Have Considered Moving to Obtain a Specific Zip Code 85 Percent Expect Home Prices to Increase Over Next Five Years

| 24 Jul 2008 | 08:00 AM ET

PARSIPPANY, N.J., Jul 24, 2008 (BUSINESS WIRE) -- Homeowners at the highest end of the real estate market still have a dream house in mind and zip code does play a factor in where some call home, according to the 2008 Coldwell Banker Previews International(R) Luxury Survey. Top locations for a dream home among those surveyed were on an island (27 percent) or in a rural country setting (22 percent), followed by the suburbs (18 percent) or an international destination (18 percent). Additionally, 17 percent of those surveyed confirmed that they have considered moving expressly to obtain a specific address or zip code. Eight percent of respondents actually admitted to having been influenced to purchase a property to "keep up" with friends or family.

In addition, high-end homeowners remain optimistic about home values with a strong majority of the affluent homeowners surveyed (85 percent) expecting the price of their homes to increase over the next five years, a sharp increase from the 66 percent tallied in the 2007 survey. In addition, four out of five of these homeowners surveyed believe the increase in value will be "significant" to "moderate" (81 percent).

"Key findings from our annual survey of the luxury market demonstrate that the typical million-dollar homeowner is invested not only in the value of their home as a current part of their portfolios, but also see long-term gains coming from this investment," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. "Interestingly while 44 percent of those surveyed indicated that they plan to stay in their primary residence for at least 10 years, they also dream of owning the perfect home." The 2008 Coldwell Banker Previews International Luxury Survey polled 305 U.S.

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LOS ANGELES (June 25) – Home sales increased 18.1 percent in May in California compared with the same period a year ago, while the median price of an existing home fell 35.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

"Home sales exceeded 400,000 last month for the first time since early 2007. While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state," said C.A.R. President William E. Brown. "Sales also rose above their year ago levels for the second month in a row after 30 consecutive months of year-to-year decreases. The lower prices associated with distressed sales along with favorable interest rates both contributed to higher sales levels."

Closed escrow sales of existing, single-family detached homes in California totaled 423,700 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 18.1 percent from the revised 358,640 sales pace recorded in May 2007.

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