$12.5 million, and no driveway
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Happy Friday. It is quite possible the luxury real estate market is in as much pain as the rest of the residential real estate market, but the press releases and the artist’s renderings keep coming.
At right, ‘Palace in the Sky’ a $12.5 million penthouse in the Marina District of San Diego, billed as ‘a majestic two-story penthouse with twenty-foot cathedral ceilings, exquisite interior details and an expansive open floor plan, giving one the feeling of a 17th-century European estate.’
Who’s gonna shell out 12 million clams? Here’s a hint: The price is expressed as ‘$12.5 million US dollars.’
Closer to home, and closer to the sun, the L.A. Times reports, ‘Plans for a 45-story, wisp-thin tower of ultra-luxury condominiums between Beverly Hills High School and the Los Angeles Country Club are set to be unveiled today. Developers say it would be one of the most expensive residential buildings in the West.’
More: ‘The $400-million tower along one of the area’s toniest corridors would be the first building in California designed by renowned Paris architect Jean Nouvel, known for his daring designs. He is proposing a narrow glass structure with sweeping views through the building and extensive greenery ringing each floor.’
The reptilian part of my brain is saying, ‘weakdollartradedeficitforeignbuyers,’ but that’s probably not entirely accurate -- there’s a lot of money sloshing around Southern California.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo credit: www.palaceinthesky.net