Los Angeles Luxury Home Values In California Experience Double Digit Decline

Los Angeles Area Luxury Home Values. Values in Los Angeles have declined for the past seven quarters on a year-over-year basis. Price today are approximately the same level they were in the first quarter of 2005. One the West Side of Los Angeles, prices and activity have been falling. In Beverly Hills, sales activity has improved form the first half of the year, but remains low. When a property is well priced and buyers feel they are getting a good value, they move forward and buy. Buyers want a bargain if they are going to buy in this market. Also with the weak dollar we are seeing an increase in foreign buyers. We anticipate a price stabilization over the next 12-18 months. Average Luxury Home Value in the Los Angeles Area for September 2009 $2,035,129 off from the high in June 2007 of $2,468,387 an overall decline of over 18%.