September 9, 1850

In Beverly Hills, Demand for Homes Exceeds Inventory

L.A. Broker Sells Record Amount of High-end Listings This Spring

BEVERLY HILLS, Calif., June 2 /PRNewswire/ -- While the real estate slump makes front-page news across the country, it's been a benchmark quarter for Myra Nourmand, Beverly Hills real estate broker. Between April and May, Nourmand has closed seven multi-million dollar escrows.

"If the location and the home are fabulous, then buyers are paying top dollar in LA's Westside -- and they won't find any bargains in places like Beverly Hills," says Nourmand, a luxury home specialist and author of the book From Homemaker to Breadwinner (http://www.homemaker2breadwinner.com).

Consider the following spring 2008 facts about L.A.'s prestigious Westside zip codes. Areas that include Beverly Hills, Malibu, Brentwood, and Bel Air:

1. A home in the exclusive Flats district of Beverly Hills sold for $5.25

million, $500,000 over asking price. The home sold before it was

publicly listed.

2. A house in Brentwood listed for $4.75 million, at which point it went

into multiples -- a term that describes when a listing has several

buyers competing for it. The buyer paid $5 million, all cash, with a

two-week escrow.

3. In April, a home in Beverly Hills listed for $6.25 million. It sold

five days later for $6 million.

4. Two years ago, Nourmand's client bought a Beverly Hills home for $6.7

million. This spring she sold it for $8 million.

5. A home in the Flats of Beverly Hills listed for $3.995 million. Two

days and 15 offers later, it sold for over asking price.

6. The Century, a new Westside high-rise condo development put its

penthouse unit in escrow for approximately $40 million.

"There are lots of people making money in industries like high tech. And the weak dollar and strong euro make Beverly Hills homes a steal for foreign buyers," says Nourmand.

But the news isn't all good. New construction in Beverly Hills has slowed, and lenders are now stricter about providing construction loans. Nourmand believes that builders are reacting to negative market reports. On the other hand, the scarcity of spec homes has driven up prices of new construction. Unlike areas like Orange County, California and parts of Florida, where abundant parcels can accommodate major housing developments, land in Beverly Hills is scarce. This means new homes only appear when existing ones are torn down.

From on-line headlines to stump speeches of presidential candidates, dismal real estate news appears daily. But according to Nourmand, who has been a top producing real estate broker for the past 20 years, inventory remains low and demand high. And none of her clients have sold or bought a home because of a foreclosure. In 2007 Nourmand's sales were in excess of $100,000,000. And based on current sales, she expects to achieve higher results in 2008.

To learn more about high-end real estate sales trends and the book From Homemaker to Breadwinner, visit Myra Nourmand's blog at http://www.homemaker2breadwinner.com.