Gay Realty Watch is the new project of Gay Realty Network, one of the oldest directories of gay and gay friendly real estate agents on the web. Ã‚Â We focus on real estate news for gay friendly markets around the world. Ã‚Â Today’s focus is Los Angeles – with a year-full of sunshine, a thriving LGBT community, and lots of guys and girls in skimpy swim suits. Ã‚Â Enjoy!
The recession is great news for house buyers looking to drop $5 million on a pad in Los Angeles. Across the city’s wealthy suburbs, from Tony Hancock Park to coastal Malibu, sales in the $5 million-plus range are up 15% year-over-year, according to Joyce Flaherty, a broker at real estate firm Coldwell Banker.
“A $10 million house in the bubble days is now a $5 million house,” she explains. “Prices were outrageously inflated, and now they’re plummeting. After unsuccessfully shopping their property for years, sellers have been forced to get realistic.” Overall, southern California home prices have declined 43% since the 2007 peak, according to DataQuick, a San Diego real estate research firm.
Some of the markdowns are impressive. A $30 million Bel Air property was marked down to $21.9 million before eventually closing escrow at $19.5 million in January. Paramount chairman and CEO Brad Grey managed to unload his $29 million estate for $21.5 million in June. The William Randolph Hearst estate, a 50,000-square-foot mansion sitting on 3.7 flat acres above the Beverly Hills Hotel, is back on the market for $95 million. Three years ago, the compound was listed at $165 million.