"CALIFORNIA LUXURY HOME VALUES GAIN AGAIN IN FIRST QUARTER OF 2005: Los Angeles, San Diego, and San Francisco Set All-Time Highs Compared to a Year Ago"
Information taken from: Common Stock Symbol- FRC, New York/Pacific Exchanges
SAN FRANCISCO, May 25, 2005-- Los Angeles, San Diego, and San Francisco all posted double-digit gains and record highs in the first quarter of 2005 comared to a year ago, according to the First Republic Prestige Home Index by First Republic Bank, one of California's leading providers of full-serivce banking, investment management, and trust services.
The Index, which has tracked luxury homes since 1985 found:
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Los Angeles values jumped from 3.4% from the fourth quarter of 2004 to the first quarter of 2005 and rose 23.1% from the first quarter a year ago. The average luxury home in Los Angeles is now a record $2 million, up $384,000 from a year ago.
Historical results of the Index are accessible at www.firstrepublic.com.
Los Angeles Area Values
In Los Angeles, average luxury home values topped $2 Million for the first time. The 23.1% gain from the first quarter of 2004 to the first quarter of 2005 was the ninth consecutive quarter of double-digit gains on a year-over-year basis.
Real estate agents said the market remained exceptionally strong due to limited inventory, the desire to live and work in Southern California, and the economic vitality of the region's booming entertainment industry.
