Today's online headlines scream Unemployment Hits 8.1%, and US Prepares for Big Bank Failures. Last week I sent a market update to my past clients showing a 2-year supply of luxury homes are currently for sale on the Palos Verdes Peninsula, an upscale area in Southern California. So my question is, are the luxury buyers hunkering down for hard times too?
Real estate agents view a cross-section of life in their community on a daily basis. We see the one-bedroom condo and we see the 7-bedroom mansion with pool, view and guesthouse. We also see the tell-tale signs of financial woe. It runs the gamut, and is not restricted to the people who live paycheck to paycheck.
The way we live is shifting. This new tilt throws us off balance for the short term, but in the long run it may be more beneficial than we ever imagined. As I drove through one of the many high-end neighborhood in my area, I did a double-take. Yes, it was a family washing their SUV. What's so unusual about that, you may ask? In this neighborhood cars are not often washed on the driveway. They are dropped off, detailed and returned. The owner does not get his hands wet.
What I saw was worth a second look. It was a dad sudsing up the car with his pre-teen son and what appeared to be mom and another child washing the interior windows. It was a family spending time together and accomplishing a task rather than paying for it. If this is part of the new shift, I do not think it is all bad.
Although, I am taking my car to the carwash this morning, I have some great memories of splishing and splashing with my sisters while we washed the family car. In my opinion, that's living well.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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