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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (10934)	6/2/2003 5:20:46 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

Beverly Hills area real estate is very slow with very few new listings. Like many areas, if homes don't sell they are taken off the market to re-appear for sale a few weeks later at a substantially higher price. The hottest areas continue to be the least expensive: either slums like Watts or distant areas like Riverside, Palmdale, etc. Builders in these areas have a shortage of buildable lots. The most popular type of home in these outlying areas is a $625k 4 bedroom 3 bath mini-mansion. Building cost for a mini-mansion is about $210k with the $415k balance allocated to either lot cost or builder's profit, depending on how recently the builder bought the land. Each home also comes with a two hour commute to Los Angeles.