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Beverly Hills - The richest city may be in financial trouble

By
Real Estate Agent with Keller Williams Realty Beverly Hills

The whole ritzy look and allure of Beverly Hills, has lately been under a microscope, especially with the 2 big development projects with Hilton and Robinson's May being the center of attention. Both projects are now having their own share of set backs, one got beat in the polls by a very slim margin and the other is trying to find an alternative to its financing.

But what is important is that the city has lost 2 huge revenue streams that would have given a fresh supply of oxygen to a already burdened budget. Now the Beverly Hills needs to come up with funds from elsewhere to keep up all the city services, education and development programs it is so well known for. There is a certain age group and income group that lives in Beverly Hills, that does not have the financial means or accepted norm of being rich as the city is so well known for. And any decrease in services or increase in fees will effect this population very negatively. With one of the worst economic crisis at the door and sales down at top vendors and ailing income from tourism, the sales tac dependent income stream wont be as glamorous as it has historically been.

So what will Beverly Hills do? I will look into that and on my James Engel or james90210 blog will try to see what is being done by the city to bring financial order back into, one of the smallest but richest blocks of city in the US

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There is a twist to this story, the ballots have just been counted and believe it or not the results have chaged. Will need to rewrite this blog once the results are made official

Luisa , Orellana
Greater LA Escrow - Los Angeles, CA
Greater LA Escrow

OMG...I've seen so many offices and retail spaces up for lease. It's slowing down here in BH. Great Post! and keep us posted. :0)

Nov 11, 2008 08:14 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think lots of major cities will be slowing down and laying off.  I heard that Philadelphia will start mid January.  Hope it's not another bail out coming down the pipe.

Thanks for commenting on my post about my Daddy.  Your kind words are very appreciated.

Nov 11, 2008 04:00 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I just read in the newspaper that the San Diego Pension Fund deficit has grown from $1.6 billion to $2.7 billion, and I've seen a number of short sales and foreclosures out in Rancho Santa Fe, another one of the richest cities in the U.S.

Nov 13, 2008 12:17 AM
Ann Heitland
Retired from RE/MAX Peak Properties - Flagstaff, AZ
Retired from Flagstaff Real Estate Sales

Beverly Hills may be rich -- but rich or poor, cities and counties all over the country are facing similar financial crunches

Nov 13, 2008 10:21 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

James,

It looks like everywhere has been touched in some way.....

Nov 14, 2008 07:15 AM