Monday, July 30, 2018

Thank You, Federal Reserve: Los Angeles Plot of Land for $1 Billion

From The New York Times:
 A property about to go on the market here consists of 157 acres of hilltop land in the coveted Beverly Hills 90210 ZIP code, a 10-minute drive from Rodeo Drive. With its 360-degree views, you can spot many of Los Angeles’s major landmarks in the distance, from Century City to downtown, and even — on a clear day — the Pacific Ocean. There are winding, private roads that lead to big, flat lawns the size of football fields.

The asking price? A cool $1 billion... 
 No one has yet to come close to crossing that threshold, at least not publicly. In 2014, an 18-acre oceanfront Hamptons compound sold for $137 million — the record for a single-family home in the United States. This year, a Malibu property sold for $110 million, Los Angeles County’s current record. A Saudi prince paid $300 million for a property in France, thought to be the highest price ever paid for a home in the world...
Billy Rose, a co-founder and the president of the Agency, a luxury real estate brokerage that is unaffiliated with the billion-dollar listing, said flat lots in the priciest neighborhoods of Los Angeles and Beverly Hills could go for nearly $20 million per acre, and higher if they have views.

“We’re seeing prices for land that we’ve never seen before,” he said.

-RW