“Who the hell wants to live there for $50 million?” he asked, thinking it would make more sense if it was a house in the hills or on the beach. Nicholas Monaco, a production manager, was dining at a Starbucks and did a double take when I told him about the $50-million home down the street. He looked up at the $50-million rooftop pad, smiled and said:
Poole, in tattered clothing, told me he sleeps where he can but didn’t rule out being back indoors again. “That’s a lot of money,” Jeremy Poole said when I pointed up at the high-priced condo. We have 70,000 or so of them in Los Angeles County, and by one count, nearly 50% of renters pay roughly half their income on rent and utilities. There was, of course, a homeless person less than a block from the luxury condo building. She said she lives in the San Fernando Valley, where she is unaware of any $50-million condos. Just down the street, a woman who gave her name only as Crystal was photographing an artist for what looked like some publicity photos. He told me that he makes $20-$25 an hour in construction and owns a $400,000 home in Lancaster. “I don’t know,” said Quijada, shaking his head. Chang reported that a $75-million condo was about to hit the market. That would be a record in the county for condos, but in L.A., such records don’t last long. And those could be deal-breakers for me.Ĭhang, meanwhile, wrote about the swanky party thrown for top-gun real estate agents to celebrate the listing of $50-million condo in West Hollywood. It’s not clear whether the place is furnished, or whether appliances - and the butler - are included.
Tear down in real estate lingo full#
That’s a bit steep for me, but I don’t want to rule it out because the features include a butler’s pantry, a full bar in the entertainment room and a 2,500-square-foot terrace. Vincent reports that in Beverly Hills, developers of a 17-unit complex hope a single condo can bring about $40 million. My colleagues Roger Vincent and Andrea Chang have reported in the last few days that even the humble condominium, which once was sort of like a starter house on training wheels, is going for astronomical sums. Just when we thought the real estate market had cooled, along comes evidence that in the land of make-believe, there is no ceiling.
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