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

To: SouthFloridaGuy who wrote (87107)	8/26/2007 11:28:03 AM
From: Elroy Jetson	Respond to of 306849

I'll give you some history. The so called Wilshire Corridor is a stretch of Wilshire Blvd from Westwood Village (UCLA) to Beverly Hills. Until the 1980s it was two and three story apartments catering to students at UCLA. In 1979, the Shah of Iran fell and a large segment of the wealthy of Tehran left. Princess Shams, the Shah's sister had previously moved to Westwood, which attracted a large number to Westwood after 1979. This population was accustomed to urban living, many were property builders, and those who purchased homes in Beverly Hills to rebuild in the Persian walled style received extremely negative reactions from their neighbors. These factors led to a high-rise building boom along this segment of Wilshire Blvd, which collapsed in 1990 leaving a large number of see-through buildings where only the steel frame had been erected. Prices of Wilshire Corridor condominiums fell precipitously as did surrounding real estate. Following the recovery in 1995 these building were slowly finished and new high rises built. This is the only area where high rise buildings are permitted in this area, so the buyers of these new post 1995 buildings have typically been residents of Westside Los Angeles who are selling their homes and down-sizing to a condominium. Carol Burnett, who purchased an entire floor, was one of the best known. You can make a case that this mile long development is now more mature, and attracts a wider range of buyers than the Iranian refugee buyers of 1989, so could be more resiliant than during the last downturn. On the other hand, this one street is but one small piece of the larger Los Angeles real estate market, all of which is significantly over-priced relative to rents. The department store property adjacent to the Beverly Hills Hilton, 9900 Wilshire Blvd, marking the Beverly Hills end of this Wilshire Corridor is being rebuilt as a high-rise condominium project recently sold in April 2007 for $500 million UK builder Candy & Candy under the name CPC Group. But there is no building going on currently. 9900beverlyhills.com .

To: SouthFloridaGuy who wrote (87107)	8/26/2007 12:17:48 PM
From: ballsschweaty	Respond to of 306849

LIG, Wilshire is god awful. I wouldn't live there for free. It's polluted, dirty, crime ridden. I wouldn't buy anything in L.A. right now. I would wait and buy in a prime area in 3 years.

To: SouthFloridaGuy who wrote (87107)	8/26/2007 2:35:42 PM
From: patron_anejo_por_favor	Respond to of 306849

I don't think you're missing anything. Why buy a rapidly depreciating (not to mention illiquid) investment no matter what the financing terms are? She almost certainly could be in a better place at a lower price by renting....