The 'Trickle-Up' Effect Of Home Prices

In Southern California's booming market, $10 million buys only a "starter mansion."

1 minute read

August 30, 2004, 5:00 AM PDT

"Once upon a time, $10 million was the tippy-top of the housing market, even here, in one of the nation's most rarefied markets for real estate... Now, however, even with the market momentarily cooling, real estate agents say $10 million is your basic starter mansion. 'In the high bracket,' said Beverly Hills real estate broker Cecelia Waeschle, "$10 million is now almost the norm."

"Cheap mortgages, he said, have heightened demand for $1-million and $2-million houses, and as those owners have traded up, demand has shot up at the top of the market. In that sense, Karevoll said, 'everybody's floating on the same rising tide.' "

Thanks to Chris Steins

Read the full story: In L.A. real estate, $10 million is the new $1 million

Sunday, August 29, 2004 in The Los Angeles Times

Housing California

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban and Environmental Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban and Environmental Planner

Get top-rated, practical training for planners

Start Learning

Advertise with us

FREE Course: Walkable City 1: Why Walkability?

After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.