Wednesday, June 23, 2010

Downsizing - The Bel Air Way

Well this is good to know
Mohamed Haddid the former owner of the Ritz Carlton Hotels was asking a mere $72 million for Le Belvedere, his 48,000 square foot pied a terre in the hills of Bel Air. The actual sale price is unknown but it had to be north of $50 million.

In addition to its 10 bedrooms and 14 bath rooms, the little country cottage boasts a gym, a 20 car garage, an indoor theater that seats 50
and a Moroccan room with a Turkish bath because what fine Bel Air home doesn't need that!
Hadid says he chose to sell because he is "downsizing" his life. He's also confident that the properties he builds are unique enough to lure buyers, even in a down market.
"These are very special homes. I can pretty much ask for anything I want," he says. "There are certain properties that are so unusual, people are afraid they will lose the opportunity to buy them. Even if the market is 5% or 10% below, people with substantial funds will come in and say, 'let's do this now.'"
Over at Drudge Millionaire's Riches are Returning to Pre-Crises Levels
Ultra-high-net-worth individuals with more than $30 million to invest saw their wealth rise by almost 22 percent in 2009, faster than other millionaires, according to the report, which attributed the gain to a “more effective re-allocation of assets.” 

It's good to know that everything is back to pre-crises status quo...except of course for the 2.3 million jobs that have been shed since 2009.
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1 comment:

Michael St. James said...

lol @ pied a terre and country cottage! nice to see things are back to "normal."

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