Sunday, April 7, 2013
Astroturf On A $2.8 million House. Insane L.A. Real Estate Market Is Back
And you know what, it worked. The housing market has come roaring back. Here in L.A., real estate dropped about 40% from its peak in 2008. But now people who waited for an even bigger decline may be too late. In fact, professional house flippers are already starting to return.
What made me do a double take was the tackiness of the Astroturf around the house. The owners tried to make this a virtue by describing it as "low maintenance". I think they would have been more successful in selling this fake grass if they had claimed it to be environmentally friendly or even drought resistant. Either way, it is quite jarring to see a multimillion dollar house with a plastic lawn for a yard.
So if you were hoping to buy a house in L.A. and was waiting for the market to hit bottom, you may already be too late. Home prices are again reaching levels where even doctors can barely afford to buy one in a decent neighborhood. Though I went through my own personal hell in buying our house a couple of years ago, it looks like I was prescient and got our dream house just in time.