Southern California Real Estate:
Highest Southland Price Ever At $102 Million!
"Un-sellable 'Fleur De Lys' Mansion Sells To Mysterious Buyer!Well, whoever the buyer might be, and whatever the mysteries are, the fact remains that this is a very good sign for the future of Southern California real estate. SOMEONE is willing to sink this much money into the ground here in California for a residential property. That's news that may seem frivolous at first, but really cannot be ignored ... and it effects all areas of the Southland, not just the west side.
The property has been on and off the market for years now, and some were beginning to think it could not besold for anything approaching an acceptable price. The current sale would be the highest ever in California, but there was one for $117.5 million in Northern California last year which was also the highest ever for a singleresidential sale in the U.S.
There has been speculation that the buyer is Michael Milken, the infamous "junk bonds" trader who ran afoul of the SEC in the 1990's. However, no one isconfirming anything as yet.
Here's a video from CBS in Los Angeles, and an article from Lauren Beale in the Los Angeles Times:
Westside mansion sells for $102 million, highest Southland price - Los Angeles Timeshttp://www.latimes.com Tue, 01 Apr 2014 17:48:35 GMT
After an international bidding war, a Westside mansion often described as a French palace has changed hands for $102 million, making it the most expensive residential sale ever recorded in Southern California. As is often the case with high-end properties, the identity of the trophy home's unnamed buyer has been obscured behind layers of lawyers, agents and a limited liability company. ...Read More Here: http://www.latimes.com/business/realestate/la-fi-mega-mansion-sale-20140401,0,7358513.story
Upper End Homes Are Moving - A Good Sign For The MarketThere's an old phrase in the investment world that refers to "the Smart Money". In real estate the "Smart Money" can usually be traced by following the Upper End market. This part of the market is populated with folks who make a business of investing and who also have people (advisors) who help them do it wisely. Using the upper end market as one barometer of the real estate market can be very wise. You can get a good sense of how comfortable the "smart money" folks are with sinking their funds into the ground of an area. That can tell you a lot about how knowlegeable people feel about the area's economy and prospects.
In Southern California, the high end market is moving. This bodes well for the future of the Southern California real estate market and for the area's economy in general.