beachfront

Vanity Pricing Consolation Prize for Luxury Real Estate

You have 320 choices if you're looking for a home that costs more than $20 million – though if you're smart, you shouldn't have to pay nearly that much. Why? As you'd expect, real estate agents are having trouble moving these houses, so they are staying on the market for a while, and age doesn't do much for a property's value.

The top listing right now belongs to Aaron Spelling's widow – at least until she can sell it. This is a difficult proposition, however, with a price tag of $150 million. Four years ago, the highest price on the market was half what Spelling is asking. This year, $75 million isn't good enough to make the top 10.

Since the number of listings is up, you'd expect sales to be down ... and that's how it's working out. In the Hamptons, year-over-year sales were off 43 percent in the second quarter, with the median price down 17 percent. Homeowners who can't sell are trying to rent instead, with mixed results. Joseph Farrell, who has a home in Bridgehampton, would like to sell it for $59.5 million. Until that happens, he has to be content to rent it, which he's doing now at $425,000 for two weeks.

So, if homes aren't moving, why continue to price them above $20 million? The answer is as old as consciousness: vanity. An absurd price is guaranteed to get some attention (as I've just demonstrated).

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Tags: aaron spelling, AaronSpelling, beachfront, bridgehampton, estate, estates, hamptons, housing, housing bubble, housing market, housing sector, HousingBubble, HousingMarket, HousingSector, real estate, RealEstate, villa

Oceana Hotel Santa Monica

by Star Sutherland (RSS feed) —

Filed under: Decor, Dining, Luxury Travel & Hotels, Spas, Holiday Guides

Have you been to the Hotel Oceana in Santa Monica? This revamped gem is one of my favorite LA hotels, it's nestled among apartment buildings on Santa Monica's beachfront boulevard. The style inside is amazing, if you appreciate decorating you should check it out, I've borrowed a few great ideas from their inspiring (and huge) rooms. My favorite part and the must see feature has to be the heart shaped pool! If you haven't done so already book yourself a delux ocean view suite with a balcony (around $500) at this romantic and stylish get away next time you are in LA! Hoteloceanasantamonica.com

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Tags: beachfront, hotel oceana santa monica, HotelOceanaSantaMonica, hotels, los angeles, LosAngeles, oceana, santa monica pier, SantaMonicaPier, spa