Tightening Belts in Beverly Hills?
Business has slowed down over the last couple of weeks. It’s a trend that I partially attribute to a lame duck president and a nation waiting to see what’s next.
Barack Obama won on his campaign of change, and I think that we’re all in a holding pattern wondering what that change will look like. And then there’s the global financial crisis that's bringing about intense fear in many of us.
Some things remain the same. Homes in Beverly Hills have maintained their values, which leads me to my response to a question that Fox News asked me.
Last Saturday, I appeared on a nationally aired Fox News program. The host asked me whether housing prices have dropped 50% since 2004.
This is a common misconception.
I answered with an emphatic no. In fact, home prices are higher in 2008 than they were in 2004, even if you haven’t so much as opened a can of paint to touch up the trim around your door. Yes, housing prices have dropped significantly in some areas, but in places like LA's Westside, this is not true. And I have the comps to prove it.
The interviewer didn't like my answer.
Reports that things are going wrong everywhere are dominating the news. It’s this kind of fear that’s affecting so many of us throughout the US. Take the home price question that I was asked for example. I'll tell you right now that if you're looking for fire sale prices in the Flats of 90210, you won't find any.
But saying that isn't going to make front-page news. In fact, it's going to be brushed under the rug and covered by a story that will make us even more fearful about the future.
No doubt that there is truth to the crises that we’re experiencing. But things aren't bad everywhere. In fact, life continues to be good for many of us. If we followed the news, however, it wouldn’t seem that way. ♦Digg it ♦del.icio.us ♦Add to Technorati Faves
Barack Obama won on his campaign of change, and I think that we’re all in a holding pattern wondering what that change will look like. And then there’s the global financial crisis that's bringing about intense fear in many of us.
Some things remain the same. Homes in Beverly Hills have maintained their values, which leads me to my response to a question that Fox News asked me.
Last Saturday, I appeared on a nationally aired Fox News program. The host asked me whether housing prices have dropped 50% since 2004.
This is a common misconception.
I answered with an emphatic no. In fact, home prices are higher in 2008 than they were in 2004, even if you haven’t so much as opened a can of paint to touch up the trim around your door. Yes, housing prices have dropped significantly in some areas, but in places like LA's Westside, this is not true. And I have the comps to prove it.
The interviewer didn't like my answer.
Reports that things are going wrong everywhere are dominating the news. It’s this kind of fear that’s affecting so many of us throughout the US. Take the home price question that I was asked for example. I'll tell you right now that if you're looking for fire sale prices in the Flats of 90210, you won't find any.
But saying that isn't going to make front-page news. In fact, it's going to be brushed under the rug and covered by a story that will make us even more fearful about the future.
No doubt that there is truth to the crises that we’re experiencing. But things aren't bad everywhere. In fact, life continues to be good for many of us. If we followed the news, however, it wouldn’t seem that way. ♦Digg it ♦del.icio.us ♦Add to Technorati Faves
posted by Myra Nourmand at
10:41 PM
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home