The Long Play
Similar to this in logic but more exclusive locations on the globe
SAFE HAVEN
California mansions are being bought by Chinese families, foreign tycoons and US celebrities as a hedge against currency and stock market disasters or the vicissitudes of politics. - PHOTO: BLOOMBERG
California mansions are being bought by Chinese families, foreign tycoons and US celebrities as a hedge against currency and stock market disasters or the vicissitudes of politics. - PHOTO: BLOOMBERG
Los Angeles
BLUE JAY Way, a street that inspired a Beatles song, snakes above Los Angeles, lined with glassy mansions that jut like diving boards from earthquake-prone cliffs.
One of the houses, a mid-century bungalow with an oval pool and a panoramic vista of the Los Angeles basin, rents for US$27,000 a month. The owner, who lives in London, paid US$2.25 million, or US$835 a square foot, two years ago for the three-bedroom, three-bath home.
"This is a very safe investment," Tyrone McKillen, an agent with Beverly Hills, California-based brokerage Hilton & Hyland Real Estate Inc, said as he walked through 1505 Blue Jay Way. "It's all about the view." While the cliffside properties seem perfectly perched for a Hollywood disaster movie, they're the equivalent of "safety deposit boxes" for wealthy global investors, according to Jonathan Miller, president of appraiser Miller Samuel Inc.
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