Beverly Hills Real Estate Sparks Bidding Wars: The Rich Are Buying Again

Comments (0)


Fri, May 18, 2012 at 8:18 AM

click to enlarge ZAGATBUZZ
  • ZagatBuzz
After years of declining and flat-lining, Beverly Hills home prices are going up.

This could either be a good sign that this Debbie Downer of an economy is turning a corner, or it could be another example of how, even in tough times, the rich are getting richer while the rest suffer.

We're going to cross our fingers and go with good sign:

Bloomberg is reporting that bidding wars are breaking out this spring for multi-million-dollar homes in the high-end, Westside communities of Beverly Hills, Bel Air and Pacific Palisades:

Sales of Beverly Hills homes priced at $2 million and higher climbed 11 percent in the first quarter from a year earlier to 39, according to DataQuick, a San Diego-based provider of property information. In Brentwood, whose residents include actress and singer Julie Andrews, they increased 56 percent to 25, and in Malibu they gained 64 percent to 23.

We had to do a double take and check the date of the piece to make sure it wasn't from 2007.

So is this good news for the rest of L.A. and beyond? Maybe.

Not only are there bidding wars, but there are waiting lists to buy low "inventory" of $2-million-plus homes, according to some real estate agents. Some of the purchasers are looking for investment property -- not places for themselves -- too.

Joyce Rey, a Coldwell Banker honcho in Beverly Hills, says:

There's an added degree of confidence in the future and that prices are likely going to go up. There is a definite change in consumer attitude.

Now if only that attitude would trickle down to the rest of America.

[@dennisjromero / djromero@laweekly.com / @LAWeeklyNews]

Related Content

Now Trending

  • Sexual Predator Is Targeting Females in Eastside Park

    A sexual predator is on the loose in an Eastside park, police warned today. Cops say the creep has targeted "lone females" walking in Ernest E. Debs Regional Park three times between January and July. He has groped, exposed himself and even attacked with a knife, the Los Angeles Police...
  • Foster the People's Downtown L.A. Mural Is Coming Down

    The controversial Foster the People mural downtown is coming down, the office of L.A. Mayor Eric Garcetti announced today. Despite claims by the pop band that it had necessary permits and that the artwork was legitimately produced, the mayor's office states what we reported previously: The piece is on a...
  • U.S. Reps Call For Federal Intervention in Dodger TV Blackout

    A group of local U.S. representatives wants the Federal Communications Commission to help end Time Warner Cable's blackout of Dodger games for competing cable and satellite providers. Negotiations to bring the team's games to AT&T U-verse, Charter Communications, Cox Communications, DirecTV, Dish Network, Mediacom, Suddenlink Communications and Verizon FIOS have gotten...
Los Angeles Concert Tickets


  • Street League Skateboarding Super Crown World Championship
    On Sunday, Street League Skateboarding touched down in the Galen Center at USC as part of a four-stop tour for SLS's Super Crown World Championship. The L.A. stop determined the roster for Super Crown, airing August 24th on FOX Sports 1. The final eight are Nyjah Huston, Luan Oliveira, Torey Pudwill, Shane O'Neill, Paul Rodriguez, Chaz Ortiz, Matt Berger and Ishod Wair. All photos by Nanette Gonzales.
  • Comic-Con's "Celebrity" Autograph Area
    A sometimes overlooked (but still incredibly unique) aspect of San Diego Comic-Con are the celebs available to sign autographs, as well as the autograph seekers themselves. If you've ever wanted to meet the Soup Nazi from Seinfeld or the guy who played Michelangelo in the original Teenage Mutant Ninja Turtles, chances are, as you wander the Autograph Area, you'll be able to connect with someone you didn't even realize you were waiting your whole life to meet! All photos by Rob Inderrieden.
  • Real Madrid Soccer Practice at UCLA
    Fans came out to greet world champion soccer team Real Madrid as they practice at UCLA. This is the first time that soccer star Cristiano Ronaldo has practiced with the team this year. All photos by Jeff Cowan.