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Los Angeles Upper Class Homes Becoming Veritable Safety Deposit Boxes

Los Angeles luxury home interior

Tyrone McKillen via Bloomberg

Global investors have been buying cliff side homes in wealthy Los Angeles neighborhoods as a remarkably stable method of investing. What makes LA one of the more investor-friendly luxury real estate markets is that the homes are somewhat less expensive than similarly affluent neighborhoods in other large cities.

 

Blue Jay Way, a street that inspired a Beatles song, snakes above Los Angeles, lined with glassy mansions that jut like diving boards from earthquake-prone cliffs.

One of the houses, a mid-century bungalow with an oval pool and a panoramic vista of the Los Angeles basin, rents for $27,000 a month. The owner, who lives in London, paid $2.25 million, or $835 a square foot, two years ago for the three-bedroom, three-bath home.

“This is a very safe investment,” Tyrone McKillen, an agent with Beverly Hills, California-based brokerage Hilton & Hyland Real Estate Inc., said as he walked through 1505 Blue Jay Way. “It’s all about the view.” Read More

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