California luxury home values strong.

Position:Business Alert - Brief Article

ACCORDING TO SAN FRANCISCO--BASED FIRST Republic Bank's Prestige Home Index[TM], despite weak economic conditions, homes valued at more than $1 million in California finished fourth-quarter 2001. surprisingly strong, with San Diego homes posting a modest increase and San Francisco and Los Angeles properties down only slightly. The index, which has been tracking higher-valued homes since 1985, found that San Francisco values fell 2.8 percent from the third quarter and 7.1 percent for all of 2001, compared with a 38.8 percent increase in 2000. The average value of a home in San Francisco at the end of 2001 was still the highest of all three metropolitan markets, at $2.15 million. Los Angeles values fell 1.3 percent from the third quarter, but finished 2001 up 9.4 percent...

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