In these "interesting times" that we are living in, it is important to remember that value is value. Forbes.com published a report not too long ago about the most lucrative neighborhoods in the United States, neighborhoods that continue to grow in value despite the current turbulent market trends. It should come as no surprise to anyone that Los Angeles was featured in the report and that the Westside was singled out as one of the most lucrative neighborhoods in the country.
Forbes particularly singled out the area just south of and including Wilshire Blvd between Ohio and Westgate Avenues. Forbes cited the homes there as having increased in value 3081% since 1990. They also claimed, "...new construction and commercial growth have since made this neighborhood one of L.A.'s fastest to appreciate."
No matter what happens to the real estate market across the country Bel Air, Beverly Hills, Brentwood, Holmby Hills, Malibu, Pacific Palisades, Santa Monica and of course the Sunset Strip will remain the areas that people want to live in. When new construction comes up in these areas there are still plenty of buyers looking for homes that are $20,000,000 and up. These large magnificent estates and their locations are known worldwide and there are only so many "trophy properties" that come up over the years for sale. This is the market that won't be affected. In fact -these properties are in such demand that when they do come up for sale there are buyers waiting to buy them - renovate them and live in them.
CC....let me know when you post one here. I'd love to see them. Working with a guy now who makes over $30 mil/per month. Be interesting.