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Rich Finally Get Some Good News

Some nice info for our wealthier neighbors: a new study states Los Angeles luxury home values climbed 6.5% in the first quarter of 2007 compared to a year ago. Additionally, values rose 3.6% from the fourth quarter of 2006 compared to a year ago. As far as what is considered luxury? That'd be a home worth an average of $2.44 million, according to First Republic Bank, which says our "diversified economy" and Hollywood folk are keeping everyone rich. Still, the $2.44 million cut-off is bad news to the apparently middle-class sellers of the above home which is listed for $2,429,000. Ouch! Pretty, but not luxury.
· High End Of Luxury Markets Remains Strong [PR Newswire]
· 3828 Amesbury Road [MLS]