The truth is that everyone is feeling the effect of this recession. Home price are really taking a beating in Los Angeles. Beverly Hills 90210 prices fell an average of 19.1%. The average selling price was over $2.6 million. My zip code is down more than 40%. My source for these devastating numbers is DataQuick News/Los Angeles Times.
Neither the drop in home prices nor the impending recession stopped Neiman Marcus from opening a new store in the Westfield Topanga Shopping Center this month. My wife and I walked through the store on opening day. Shoppers were dressed as if going to a very fancy party or perhaps the Oscars or Emmys. Well, that’s Los Angeles. The glitz is everywhere.
For those of us not earning a few thousand dollars an hour we will have to tear up those credit cards and pay off the bills. The party is over.
Coast Contact 