Baron, there are literally thousands of very rich folk in a number of communities beyond the tract homes up here. These are not the daily worker bees, most that I’ve met are O.C. evacuees who are young retirees, not young families and they can get 4,000 to 7,000 sq ft house on 3-5 acres with horses and grapes for under 2 mil, a mere trade for their place on the coast. Some call them gentlemen ranchers, but they aren’t as flashy as most and seek a little solitude centrally located in So cal because many have family ties or consulting part time gigs and just don’t want to move to Texas or Colorado to get their horse. A lot of the places were there long before the R/E boom, some people just dig that lifestyle.
You are right, they don’t seem to be budging much on their price for the most part and many think they should have made money since 2005. I’d imagine that custom places on land are very difficult to appraise and price, it’s such a niche market. I just looked at one that backed to a communal airstrip and had a helicopter pad. How the heck are you supposed to determine how much airplane or helicopter parking adds to the value?
There is still hope, this one did drop it’s price a half million two weeks ago.
No matter how nice they are, they don’t set the price, the market does.
I love this one, his cellar is awesome but 2.5 mil and they haven’t done the lot yet (no pool, no vines, no corral, no tennis) you’d be the only guy on the block without tennis courts, how ghetto can you get.
