September 18, 2008
Professor Richard Green, director of the USC Lusk Center for Real Estate, was quoted in Forbesabout the types of houses one can buy these days with $1 million. In many U.S. cities, inflated real estate prices can hold firm or slide only slightly in the city center, even as they collapse in the surrounding areas, Green said. "In the inland areas of Los Angeles, you can get a 4,000-square-foot house -- a huge house," he noted. But in popular Santa Monica or Marina Del Rey, "You'll get a shack."
Professor Richard Green, director of the USC Lusk Center for Real Estate, was quoted in Forbesabout the types of houses one can buy these days with $1 million. In many U.S. cities, inflated real estate prices can hold firm or slide only slightly in the city center, even as they collapse in the surrounding areas, Green said. "In the inland areas of Los Angeles, you can get a 4,000-square-foot house -- a huge house," he noted. But in popular Santa Monica or Marina Del Rey, "You'll get a shack."