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Rick Caruso, Caruso Affiliated founder and CEO, on why some renters in California will pay $40,000 a month.
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And that is where we find Robert -- who's standing by in Hollywood hills California Robert.
-- -- afternoon guys -- I'm sitting here with Rick Caruso and you know it knowing the home sales -- up but luxury rentals.
Are moving higher and -- here has developed a new property 8500 -- -- first of all thanks for joining us you and you're looking to create a new net -- sort of the -- luxury market if you will talk us a lot of that we've got some video of the complex here your development.
Talk to us about how much it is and sort of why people would pay up to forty grand a month.
In my rental verses buying a home like this -- in the Hollywood Hills -- standing in.
Well the interesting thing is there's a market for a lot of different people so in our market the luxury apartment market we have units that started about 5000 -- go to 40000.
In our plus plus per lot.
In our place it's all about freedom it's about having choice it's the luxury of time.
It's been able -- lock the door and take off and travel.
Many people today and about half of our residents either -- offshore.
Or on the East Coast so they're living a more -- postal life or global life because of business.
And they don't want to be burdened with staff and housekeeping and everything else.
But you're not -- -- -- yet it's included right so.
A lot historically a lot of these A Lister movie stars of people you would know you say who it attacks there would stay -- 456 star hotels right that's right why would they tell your place and that.
You would know everybody who's living in the place right now we're about 50% -- the reason is hotels are great but it's not your home.
You live with us -- 8500 you're coming back to your home and you still have cost shares and security.
And housekeeping we go grocery shopping for you.
We can do everything for you we have a car that takes you were drives around town to reach out to dinner -- so you have all the great services you have luxury.
You have security and you're still at -- And -- -- eight dollars per square but the most expensive in town if not on the West Coast is that correct that's correct it's worth every -- Rick Caruso well there you heard this else fits guys that bad publicity -- -- -- media all right thanks very much Robert --
