Bidding Wars Over Luxury Homes in Southern California
Well a lot of supply and demand turning the Los Angeles real estate market on its head while the rest of America’s housing market as you know is stuck in a — Sell the Beverly Hills homes price to two million in higher climbed 11% in the first quarter from a year earlier according to data quick.
With more in the luxury home beating — — image he’s president of rodeo reality — great to have you.
I know you specialize in the Southern California real estate market gonna have to ask you about Facebook.
And the ripple effect from the IPO today northern California there was a store in Los Angeles Times this week.
About how bidding wars are going on their — from all of these instant millionaires and houses are selling for well above ask are you hearing anything about that.
Yes I am and that’s — unusual I would think that I would think they’re gonna see a good pop and prices over there as well.
And — — — that this stock doesn’t perform well who knows what will happen after that.
That was my follow up question — — how much how consistent will that — is it just a one shot deal a one hit wonder if you will or will actually have.
And meaningful effect on lifting the housing market.
You know I know and San Diego in the ninety’s with Qualcomm it really it really lifted the market quite a bit which also happen in the Silicon Valley now.
Whether that company performs well it took performs well it’ll stay happen — it doesn’t you know we’ll see.
Something like we saw in their early two thousands.
So let’s — Southern California talk about Rodeo Drive in all of these neighborhoods — Beverly Hills.
I’m not all that surprise because a lot of people buying these homes don’t really follow the interest rates market does that have something to do with it.
You know I think it’s more that there’s just not a lot of inventory right now.
And the market is is pretty hot so we’re seeing multiple offers on everything not just in the high ranges but even in the lower price houses as well.
What’s making it hot who’s buying — are these foreign buyers — you know trying to to jump in on — still weak dollar but that’s been changing — latest we know it is — concern about the currency valuation changing.
You know we do have foreign buyers coming in in fact last year the highest price counsel for somebody from Great Britain.
And the year before the highest price counsel for somebody from from Saudi Arabia itself we are seeing foreign buyers but we’re also seeing.
You know people here — happen with much more optimism than we’ve seen in the past waiting — that.
Well I think low interest rates are helping certainly probably not in the super high end because a lot of those sales — cash.