Westlake Village Real Estate Blog

I have learned over the years that the top is always relative. And so we see that www.portfolio.com has reported that Newport Beach is the richest city in the nation. In this paradise by the sea, each resident’s annual income (children included) is more than $86,000, and 28.6 percent of households earn more than $200,000.

Even in affluent Westlake Village, these numbers are smashing. For a view from the top here, we turn to Lake Sherwood, where the good news is that the billionaire developer, David H, Murdock, has broken ground on six new homes, after a long dry spell of selling standing inventory.

So what is he building, and why? The why part is easy. He believes he can sell them. This is a vote of confidence for our high-end home market, even if the price point is far less lofty that what you’d find in Newport Beach. Like the stock watcher who follows Warren Buffet, the higher-end home buyer here can take his cue.

Admittedly, the new Sherwood homes are a bit more modest in both size and price than many other homes in this luxury community.  All the new homes are less than 4,500 sq. ft. and priced below $2.5 million.

With interest rates still at historic lows, now may be the just the right time to step up to the “top end” and into a new home in Lake Sherwood, “one of the most beautiful places to live,” in the words of the developer himself.

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