Wednesday, February 13, 2008

Homes (and a profit!) near the Hollywood sign?

Here's the scoop. Some local (meaning Chicago) developers bought the area around the iconic Hollywood sign from Howard Hughes's estate in 2002 for $1.675MM. The property was appraised recently at $6MM. The current asking price? $22 million! Some property slump, huh?

This is, of course, one-of-a-kind land and therefore recession proof under the theory that a few people (up to five, they say) will want to live where everyone looks at their house. I have a feeling the city of Los Angeles (and certain factions of the population) will try to slow down any attempt to build there even though the land is zoned residential and notwithstanding the assertion that "most of the development site is on a ridge behind the hillside with the Hollywood sign."