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BEVERLY
HILLS, Calif., March 10 /PRNewswire/ -- It's been a busy
week for Myra Nourmand and her two assistants. The
Beverly Hills real estate broker just sold an $8.45
million property in Pacific Palisades and picked up two
listings: a $9.25 million home in Hancock Park and a
$10.25 million Brentwood residence.
Despite bursting real estate bubbles throughout the US,
certain markets remain strong. Take Los Angeles, for
example. Throughout LA's Westside, which includes
Beverly Hills, Bel Air, Malibu, and Brentwood, the
demand for property still exceeds inventory. One reason
may be the large number of high- wealth individuals that
live in Los Angeles. According to an April 2007 report
in CNNMoney.com, L.A. County has the highest number of
millionaire households in the country. The region boasts
268,138 millionaire households, which make up 3% of the
national total.
While foreclosures and subprime fallout make their way
into the headlines and stump speeches of presidential
candidates like Hilary Clinton, it's business as usual
for real estate brokers representing the most
prestigious zip codes. "There's no mortgage crisis here.
In fact, I haven't had any clients sell as a result of a
foreclosure," says Nourmand, top-producing real estate
broker and author of the book From Homemaker to
Breadwinner (http://www.myranourmand.com/). Her yearly
sales in 2007 were in excess of $100,000,000, and based
on sales so far, she expects similar results in 2008.
But the news isn't all good in luxury real estate.
Nourmand says that the negative coverage has raised
fears. "I've had to spend more time educating clients
because they're reading the newspapers and getting
nervous. Thankfully the comps speak for themselves,"
says Nourmand. What are comps? They are the prices of
comparable properties in a neighborhood. A seller will
use comparables to determine the home's asking price,
and buyers use comparables when they make an offer. But
in the high-end market, where homes are often sold
through private negotiations, comparables may be a
secret held by only a few agents.
Nourmand is one of these. Having specialized in LA's
Westside for nearly 20 years, she is a human Wikipedia
of her community's sales history. Walking along the
Flats of Beverly Hills, the prestigious enclave of
Hollywood's A- listers, she can describe precise details
about a home's past - from its renovations over the last
15 years to soil test results and mold analyses.
According to Nourmand, the comparables throughout LA's
high-end real estate reflect that property prices remain
stable.
"If a house is priced accurately and its location is
great, then it's likely to sell quickly. Case in point,
I recently listed a $6.2 million Beverly Hills property.
It was incredible, but even I had my misgivings about
how soon I could sell it. A buyer snatched it up in two
weeks," says Nourmand.
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.myranourmand.com/blog.php.
Source: Myra Nourmand
CONTACT: Wilma Winer for Myra Nourmand, T: 310.888.3333,
E:
wwiner@nourmand.com
Web site:
http://www.myranourmand.com/
http://www.myranourmand.com/blog.php
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