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Luxury Market Dropping

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The market is finally affecting the rich, according to the Los Angeles Times, which notes that median sale prices fell by 13 percent in Beverly Hills in April, compared to a year ago. Rancho Palos Verdes dropped 18 percent and a part of Newport Beach's dropped 34 percent. The paper also talks to Simon Lee, a house hunter who says he sees the "same people" every weekend at Westside open houses. Lee believes that prices in Bel-Air, Pacific Palisades and Brentwood need to drop "25% or 30%." Related: San Francisco's luxury market may be holding up better than ours. [LA Times]