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An Angeleno Heights Ruse?

Well, call us dumbfounded. A reader writes in asking us if this listing is correct. Can a new house in Angeleno Heights really fetch $1.8 million? Sadly, we do not think this is a mistake: the builder has apparently stamped the neighborhood with his Gentry Approved seal. Nevertheless, it’s not even a real Craftsman; it’s just in Craftsman “style.” We recognize that this is new construction with views, but that’s a lot of pennies for a neighborhood that your average $1.8-mil-affording-buyer isn’t exactly dying to live in. This is a prime candidate for America's Overvalued Real Estate (RIP).