Why is Beverly Hills so expensive? (Los Angeles, Malibu: for sale, home, buy)

[disgruntled la native]

Originally Posted by majoun

Think of the effect that the Cuban Revolution had on Miami - or, closer to home, the effect the Iranian Revolution had on West LA (even though Iran's nowhere near as close to Los Angeles as Cuba is to Miami).

That would cause LA housing prices to go up further as all of the elites of those countries would come here.

OTOH, it would mean an even greater variety of restaurants in L.A.

Fine, a correction: A revolution a la North Korea

[jm1982]

Originally Posted by disgruntled la native

Look, i know money is money, and I dont know YOUR personal situation, but the reason middle class, or even moderately wealthy Americans in LA have been priced out of homes is due to foreign despot money from third world countries. I'm talking more Saudis and Chinese than Indians but I've seen it from all over. They have absurd amounts of wealth while their countrymen suffer bare bones... then they have to come here to the States and jack up housing prices! So that younger professional couple looking to buy a $3 million in Beverly Hills with a loan or two are going to be outmaneuvered by some Saudi who wants his 5th vacation home who pays all cash! Then that couple is forced back to the rental market, which forces rental prices for working class Americans up!

Those pooor young professionals getting outbid for $3million BH homes!

I do agree though that foreigners are pushing prices up. They are also buying a lot of businesses now to get Visas for then and their families.

Barclays Center in Brooklyn was paid for with foreign investor money.

It seems this trend is only going to increase.

[nograviti]

Originally Posted by dude5568

There is nothing you or me can do about it dude ( or dudette ...!!, whatever ) , we are just cogs in the machine. If expressing your "strong" opinions on an anonymous forum makes you feel special, have at it.

My advice would be not to carry anger or resentment against any group of people , they are just living their lives , just like you. There is such a thing as " none of your business ". Have you been enslaved ?

If you have been priced out of LA because of these people, that's just the way it is.

Now I am officially starting to feel like a weirdo sitting on my couch and having a debate with a stranger so I am out.

Don't waste your time, I already hinted at the real underlying reasons for his resentment. The mere accusation that all money made in emerging markets is derived from predatory exploitation should have stopped you in your tracks right there.

In Europe I get the resentment, London has historically been populated by a given people, but in America a country of immigrants such arguments shouldn't hold sway. Also regardless of which side of the pond you reside, this is the era of true capitalist meritocracy where money talks, but the only reason people don't like it is because they are no longer at the top of the pyramid.

This discussion is part of a larger change, as emerging countries like India and even my parent's home country Nigeria catch up with the West. Outdated notions of populations will need to change and pointless rants about corrupt wealthy foreigners are part of this.

A few weeks back someone asked if I played for a team as I walked around with my wife and son in the Westfield Beverly Center? I asked what they meant? They assumed I played for the Clippers or something. She was bemused when I told her I ran a tech company. Would that be surprising if she understood my father is part of the 1% in Nigeria and one of the first father son lessons I had on his knee was about 'Transfer Pricing'?

Relax you don't need to answer to anyone. Its the reason why I bailed out of this discussion earlier on. I have had the same pointless argument in London, NYC and LA. You already know what the real underlying reason is...

[disgruntled la native]

Originally Posted by nograviti

Don't waste your time, I already hinted at the real underlying reasons for his resentment. The mere accusation that all money made in emerging markets is derived from predatory exploitation should have stopped you in your tracks right there.

In Europe I get the resentment, London has historically been populated by a given people, but in America a country of immigrants such arguments shouldn't hold sway. Also regardless of which side of the pond you reside, this is the era of true capitalist meritocracy where money talks, but the only reason people don't like it is because they are no longer at the top of the pyramid.

This discussion is part of a larger change, as emerging countries like India and even my parent's home country Nigeria catch up with the West. Outdated notions of populations will need to change and pointless rants about corrupt wealthy foreigners are part of this.

A few weeks back someone asked if I played for a team as I walked around with my wife and son in the Westfield Beverly Center? I asked what they meant? They assumed I played for the Clippers or something. She was bemused when I told her I ran a tech company. Would that be surprising if she understood my father is part of the 1% in Nigeria and one of the first father son lessons I had on his knee was about 'Transfer Pricing'?

Relax you don't need to answer to anyone. Its the reason why I bailed out of this discussion earlier on. I have had the same pointless argument in London, NYC and LA. You already know what the real underlying reason is...

I didn't say y'all are doing anything illegal, I didn't say there will be answering to (though there might be when the pitchforks come out - I can guarantee bloated spoiled foreign money will be first). It's just something to be mindful of. I'm not saying YOU got your money from corruption and exploitation but a lot of your wealthy compatriots did.

[BeatAngMoh]

Price creates exclusivity and is an erected barrier to entry. For example, if you own a nightclub and/or a restaurant and you want to keep the riff raff out then you implement dress codes. Its not necessarily the type of clothing but you screen for expensive wardrobe items like a dinner jacket and dress shoes rather than a football jersey and converse all starts to keep the riff raff out. Trust me, the people in Beverly Hills, especially the ones that own, want to keep that barrier up. Its not necessarily a housing valuation desire and instead of economically driven it is sometimes socially driven. You want to keep the riff raff out otherwise the place would turn into a Covina on the exclusive Westside of El A.

[svedski]

Originally Posted by UB50

To add to what Fairweathergolfer posted:

Beverly Hills is also a better location if you have to commute to downtown LA or Century City; or if you do business with the "entertainment" (TV, music, movie) industries which are mostly located in San Fernando Valley and West LA. People who want to live out of town in the entertainment industry generally go north of LA -- to places like Thousand Oaks or Westlake Village and some of the gated communities northwest of Los Angeles. Of course, the further north you go, like up towards Santa Barbara, $1.4 million won't buy you much of a house either.

Go to realtor.com and check out what $1.4 million will buy you in Southern California -- then come back and tell us about it. Check out Santa Monica, Pacific Palisades, Pasadena, La Crescenta, Santa Barbara, Toluca Lake, Sherman Oaks, Encino, Studio City, Marina del Rey, Malibu (these are nice areas I can think of off the top of my head).

For $1.4 million you can get a great house in Hollywood Hills with pool and view over LA skyline. You can also get yourself a small mansion in Beverly Hills.

Why are you guys exaggerating?

[svedski]

Originally Posted by disgruntled la native

Look, i know money is money, and I dont know YOUR personal situation, but the reason middle class, or even moderately wealthy Americans in LA have been priced out of homes is due to foreign despot money from third world countries. I'm talking more Saudis and Chinese than Indians but I've seen it from all over. They have absurd amounts of wealth while their countrymen suffer bare bones... then they have to come here to the States and jack up housing prices! So that younger professional couple looking to buy a $3 million in Beverly Hills with a loan or two are going to be outmaneuvered by some Saudi who wants his 5th vacation home who pays all cash! Then that couple is forced back to the rental market, which forces rental prices for working class Americans up!

That's capitalism baby. Just accept it and move on. (Or move to Sweden).

[MordinSolus]

Originally Posted by svedski

For $1.4 million you can get a great house in Hollywood Hills with pool and view over LA skyline. You can also get yourself a small mansion in Beverly Hills.

Why are you guys exaggerating?

You're in the wrong decade, methinks. Where are you viewing such listings? Geocities?

[disgruntled la native]

Originally Posted by svedski

For $1.4 million you can get a great house in Hollywood Hills with pool and view over LA skyline. You can also get yourself a small mansion in Beverly Hills.

Why are you guys exaggerating?

No, you can't.

[Taiko]

Originally Posted by svedski

For $1.4 million you can get a great house in Hollywood Hills with pool and view over LA skyline. You can also get yourself a small mansion in Beverly Hills.

Why are you guys exaggerating?

Your numbers seem to be from a history book. A lot with a house you will tear down across the border from Beverly Hills in Los Angeles proper will run you $1.4 million