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Luxury Home Sales Are Way Up, Most Purchased With All Cash

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Although the number of homes sold so far this year in San Francisco is down by nearly 2% from the same time last year, there has been a huge jump in the number of super-luxury homes sold. New research from real estate website Redfin examined sales figures for the city's most expensive 1% of homes. 72.2% more of these super high-end properties have sold through April 2014 than had sold through the same time period in 2013. To make it into the top 1% of the San Francisco market, homes must be priced at $5.35 million or more, the highest price for any of the 29 metro areas examined in the study. In San Francisco, 55.7% of those extremely high-end home sales have been all-cash transactions.

For those buyers who don't pay all cash, Redfin determined that it would take an annual income of at least $916,000 to afford a home in the top 1% of San Francisco's market. The monthly mortgage payment on a $5.35 million house, assuming a 20% down payment, would be a whopping $21,369. The neighborhoods with the highest average price for top 1% homes so far this year are, unsurprisingly, Presidio Heights, Pacific Heights, Russian Hill and the Marina. All of those neighborhoods made it into the top twenty most expensive luxury neighborhoods in all of the markets examined by Redfin.

· 2014 Luxury Report [Redfin]