$20 Million Is the New $10 Million

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Good morning. We’ve written that the highest of the high end of L.A. real estate continues to thrive, and today
Annette Haddad pulls that angle together nicely in the L.A. Times. Although, to our surprise, graphics accompanying the story indicate the high end was not as hot as the rest of the market during the boom. More on that below. Highlights:

‘The Platinum Triangle’ of L.A. is Beverly Hills, Bel-Air and Holmby Hills; awhile back it was known as ‘The Golden Triangle.’

So platinum is the new gold and, ‘Twenty million dollars is the new $10 [million],’ says Cecelia Kennelly-Waeschle, a Beverly Hills sales agent.

Behind it all: ‘The super-rich are getting super-richer.’

Odd Fact: For all the hype, real estate prices in the ‘Platinum Triangle’ have not kept pace with the rest of L.A. Over the last nine years, median sales prices in the ‘triangle’ are up 127%; prices for all of L.A. County are up 229%.

For sale: Radio mogul David Saperstein’s 45,000-square-foot faux Versailles in Holmby Hills known as ‘Fleur de Lys,’ listed at $125 million. Where the money came from: Saperstein founded Metro Networks, which provides traffic reports to radio stations; call him a ‘bottleneck billionaire.’

Photo Credit: L.A. Times