Real Estate - Real Estate Investment

Beverly Hills experienced dramatic price declines and increases in home prices in February, 2008, according to a report just released by a real estate information firm. Ten homes sold last month in the 90210 zip code, DataQuick Information Systems reported. The median price of $2.4 million was an astonishing 58.1 percent decrease from February 2007.

Even the wealthy are feeling the pain of the downturn in the economy, with no end in sight. All businesses are suffering; the pain is not limited to just real estate. Dentists are attaching far fewer porcelain veneers in Beverly Hills, especially to real estate brokers.

Statistics show that there were only two condominiums sold last month in the 90210 area with an average selling price of $1.27 million. Overall, the median price per square foot in the 90210 zip code was $731 in February, 2008, compared to $907 per square foot for February, 2007.