Beverly Hills renter finds reassurance
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Thank you so much for the Neighborly Advice column [“Beverly Hills’ Close-Up? It Looks Different Now,” Jan. 8]. I’ve lived in nearby Westwood for 15 years in a beautiful, large apartment subject to rent control (although during the real estate slump in the mid-’90s, it wasn’t any deal at all). Your profile of Beverly Hills real estate prices was quite revealing.
The interesting thing about the historical values is that since 1990, Beverly Hills median home prices have averaged slightly more than 3% per year in appreciation. Given the higher monthly cost of ownership as opposed to renting, the thing your article did most for me is to make me not regret not buying when I first got here. If I subtract from the equity I’d have today the much higher monthly outflow of owning, I’d actually be behind compared with the much lower costs of renting.
And I’m still within walking distance of Rodeo Drive.
JOHN ATKINSON
Westwood
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