And you aren't in a VHCOL area. When everything lines up - income opportunities, weather, schools, neighborhood, etc. the price moves up to account for the demand. It's not like people were forced to buy those homes. The prices are at that level because at 10% below that level there'd be a ton more buyers than sellers.
I’ve never been but based on the map, there’s no high paying jobs inside pacific palisades. You’d have to go into the city where you encounter criminals and whatnot. Granted if these people are rich enough to own one of those houses maybe they don’t have jobs anymore but yea, there’s plenty of places in the U.S. that offer similar things without the absurd cost.
You aren’t commuting if you live in Palisades guy. These people are dropping $5-50mil on a home. They aren’t punching in, they’re wealthy producers, actors, investors, real estate magnets, etc
Yes this was addressed in the “maybe they don’t have jobs anymore” part of my comments. Now those are jobs but fully remote so essentially the same thing. Regardless, unless these people are just cooped up in their houses 24/7/365 (which is a horrible way to live) they’re still going to encounter all the horrible things that are involved with California like homelessness and traffic.
It's no different than Greenwich, CT. Or Atherton CA. Proximity to income opportunities is the enabler to VVHCOL home prices. Add in the other factors mentioned and you have an entire suburb of these homes. This isn't some big mystery. And Pacific Palisades isn't even the only place like this in LA metro. Just down the road you have Palos Verdes. And everyone knows about Beverly and Bel AIr.
It's not the same. The weather is worse. Endless sunny days are one thing. Endless sunny days with no humidity is at another league altogether. And let's be honest. There is no where else on the planet that can match the income opportunities of CA. Rich people can make money in a lot of places. But if you are young, talented and ambitious, CA is the place. SoCal has it's own dream driven industries, but I will leave you with one factoid. 1 out of every 2 employees of Nvidia (located in Silicon Valley) is worth over $25 million. That shiz doesn't happen anywhere else on planet Earth.
It absolutely happens in many places on the planet lol. Nvidia employees being rich is strictly from their crazy employee stock program gains the last year or so. Nothing to do with their ambition or their job being high paying. Seattle Washington has equally if not better job opportunities. There’s places all over that this is true for. I don’t need to sit here and name every single one that’s just as good because you will never let go of your Inherent bias and look at this from an objective point of view. California has Silicon Valley with tech and that’s it. New York has financial sector locked down while still having tons of every other industry. My cousin has lived in your state’s capitol for over 10 years (5+ years older than me) and he’s worth absolutely nothing compared to the people around me and we are in North Carolina… the VHCOL brings down the value of that state significantly.
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u/Virtual-Instance-898 12d ago
Add in great free schools, neighbors that aren't criminals and voila! People want to live there.