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Article: Neighborhood gets windfall from real estate boom. (Rich in L.A. -- The Commonplace Millionaires).(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 27, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JOE Davis remembers the day back in 1968 when he and his wife found the kind of classic Colonial they had always wanted. The two-story home had a grand canopied entrance, a center stairway and, as a nice extra, a backyard pool.
The house on Guthrie Drive was in the West Los Angeles community of Beverlywood, a tree-lined neighborhood near the freeway and loaded with families--the perfect place to raise their two children.
But the home was priced at $77,000, a strain at the time on his management consulting salary. He decided to go ahead with the purchase anyway, figuring it was a good long-term investment.
Little did he know just how good.
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