Letter from Bel Air: A $19.9 million teardown

No, that's not the $19.9-million teardown pictured, it's a reader photo of a dream house. It's Friday, indulge me for just a second to link to Business Week's look at the high-end markets, entitled "Down and out in Beverly Hills?"

Highlights: The cheaper dollar is helping move high-end properties: "Hilton & Hyland broker Aaron Kirman says half of the eight homes he has in escrow were sold to foreign clients."

A $2-million price reduction -- Story tells of a 1988-built home in Holmby Hills that was originally listed for $12 million; now it's $9.99 million.

The $19.9-million teardown is on a Bel-Air lot measuring 55,000 square feet with magnificent city views.

Bottom line: The high-end market is softening but doing OK: "... even in Beverly Hills, settling for less has become a fact of life.... Like the rest of the country, higher-end properties are holding up better than lower-end ones in Los Angeles."

Your thoughts? Comments? Email story tips to peter.viles@latimes.com.
Hat tip: Todd in WeHo via email.
Photo Credit: "Nr. Palm Dr," by Mel, submitted to Your Dream House on the LA Land section of Your Scene at LATimes.com. The LA Land section of Your Scene includes five categories: Your Dream House, Foreclosures, Under Construction, Tree of the Week and Weird LA Houses.

$19.95 Million for a Neutra?

We've been writing for a while that the high end of L.A. real estate has been pretty strong. If this item in Curbed L.A. is accurate -- and they're usually on the money -- the high end market is, as they say on ESPN, en fuego. That is, On Fire.

Curbed L.A.: "'The Singleton House Is For Sale! The Singleton House Is For Sale!' writes an excited Curbed reader. And so it is. Listed at $19.955 million, the Richard Neutra-designed 1959 home sits on 5.2 acres in Bel Air. 'Two potential extra building pads on site," notes the listing. And there's a "long, imposing private drive.'"

More: "Unless we've lost our minds, which we might have, it appears that the home was put on the market in 2004 for $5.9 million. According to this article, back then it sold for $6 million. That's some damn fast appreciation."

Neutra in a Nutshell (Hey, I wasn't all that sure, so I went to Wikipedia): "Considered one of modernism's most important architects.... He was famous for the great attention he gave to defining the real needs of his clients, whether he was commissioned to build a simple house or a mansion.... His domestic architecture was a blend of Art, landscape and practical comfort.... The revival in the late '90s of mid-century modernism has given new cachet to his work, as it's become (along with Lautner and Schindler's) trophy property for wide variety of Los Angeles pop culture, arts and media figures."

Comments? Thoughts?
Photo Credit: Curbed L.A.