Recession? What recession, at least that's what I would say if I were a member of the elite 1% of the world's population. A 48,000 square foot palace named Le Belvedere was just purchased in Bel-Air. It was originally listed at $85 million 15 months ago, but the developer admitted that it sold between $50-$70 million... well above the $46.5 million sale of a compound in Colorado that held the prior record for the year. I will spare you the gory details of this homes luxury except for one quote from the LA Times article, "The average room size is about 1,100 square feet, bigger than entire homes in less fancy neighborhoods."
However, there is a positive undertone to this sale. While the rich may by or sell real estate freely, as they are less affected by the subsequent loss in equity than the average Joe, a sale of this size indicates confidence. Confidence that the market in Beverly Hills it at worst hit its bottom. This is not representative of every real estate market, but true recover will start from the top and work its way down. If you would like to read further into the outrageous details of this over-the-top home check out the link below.
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Would be interesting to know if it was a foreign investor who, probably, paid cash for this home...???
ReplyDeleteNo information yet on where the buyer is from, but it is very common in the $5,000,000+ range for buyers to pay all cash.
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