The luxury home market is not showing much of a drop less than 10%. If the property has a great ocean view like in Palos Verdes some of my properties are haveing multiple offers and one neighborhood has increased as much as $100,000.00 since January. My company has market trend charts available to our clients so they can chart the pricer per square foot in their neighborhood of the South Bay from 4/06 to 07/07. It is a great tool in tracking the market. It depends what price range you consider the luxury home market to determine an accurate tracking.
The luxury homes along the coast in Manhattan Beach, Hermosa Beach, South Redondo and the Palos Verdes Peninsula have held up very well over the last year. Homes on the Strand in Manhattan Beach and Hermosa Beach have increased in value. Teardowns along The Strand are now well over $5-9 million depending on location and lot size. Homes in the Manhattan Beach Hill section on larger lots with views have also seen prices shoot up. New homes are commanding prices well above the levels of 2005 for premium locations with views.