At least there's some movement in the housing market, as evidenced by a penthouse in downtown Los Angeles selling for $3 million.
The Los Angeles Times reports that Evo, a residential tower being built in the downtown South Park district near the Staples Center, had a buyer pay $3 million -- which real estate officials say is the largest amount ever paid for a residential unit downtown.
The unit has 3,600 square feet inside and 3,500-square-foot terrace. At least they're getting something for their money. I don't know about a view of the Staples Center, however. Maybe on a rare non-smoggy day, they can glimpse the Pacific Ocean? Ho hum. They'll still have to fight Westside gridlock to get there.
Other penthouses in downtown L.A. have listed for more but haven't sold yet. It's interesting to see the recession hurting the housing market for the rich.
"The high-end stuff, just as the low-end, has really slowed down," Gil Saraf, a partner in the real estate firm 213 Loft Co., told the Times.
Maybe the developers will have to resort to what banks have had to do to sell homes: Hold an auction.