peter,
believe it or not, i'm going to say that those prices in places like pacific palisades and malibu while to the moon actually reflect value meaning....you know how realtors used to say 'they're not making any more land'? well in the case of PP, malibu (of course beverly hills, holmby hills, bel air, etc) it's absolutely true...
these are considered some of the most exclusive areas of the country and when you think about it, very simple issue of demand far exceeding supply
i know those asking prices sound totally crazy, but there is a MARKET for those properties...when you hear 'location, location, location' the markets you describe is a reflection of that on steroids<g>
now, santa monica and brentwood, those prices i really don't get (so damn congested), but again, the market is there
if you are living in PP and are moving to the burbs for financial reasons in the burbs, (assuming you work in LA) you have the nightmare of the 405 to contend with everyday...that is the reason my son won't do it...living and working in LA is a CHALLENGE for people who are upwardly mobile and have the normal expectation of buying a house reasonably and rationally
you have to check rationality and reason at the door if you live there<vbg> |
