Letter from Bel Air: A $19.9 million teardown

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No, that’s not the $19.9-million teardown pictured, it’s a reader photo of a dream house. It’s Friday, indulge me for just a second to link to Business Week’s look at the high-end markets, entitled ‘Down and out in Beverly Hills?’

Highlights: The cheaper dollar is helping move high-end properties: ‘Hilton & Hyland broker Aaron Kirman says half of the eight homes he has in escrow were sold to foreign clients.’

A $2-million price reduction -- Story tells of a 1988-built home in Holmby Hills that was originally listed for $12 million; now it’s $9.99 million.

The $19.9-million teardown is on a Bel-Air lot measuring 55,000 square feet with magnificent city views.

Bottom line: The high-end market is softening but doing OK: ‘... even in Beverly Hills, settling for less has become a fact of life.... Like the rest of the country, higher-end properties are holding up better than lower-end ones in Los Angeles.’

Your thoughts? Comments? Email story tips to peter.viles@latimes.com.
Hat tip: Todd in WeHo via email.
Photo Credit: ‘Nr. Palm Dr,’ by Mel, submitted to Your Dream House on the LA Land section of Your Scene at LATimes.com. The LA Land section of Your Scene includes five categories: Your Dream House, Foreclosures, Under Construction, Tree of the Week and Weird LA Houses.