Aaron Spelling's Widow Moves To Condo, Reflecting Housing Downturn

Los Angeles, CA (AHN) - The pending transfer of the widow of television producer Aaron Spelling to a condo unit from a mansion reflects the downturn of the American economy and the real estate market.

Candy Spelling, when Aaron was still alive, lived with her husband for almost two decades in a 56,500-square foot French chateau-style mansion which had a wine-tasting room, bowling lanes and silver, china and gift-wrapping rooms. Aaron was the man behind hit TV series like "Charlie's Angels" and "Seventh Heaven."

Recently she bought a high-end condo unit for $47 million at The Century in Los Angeles, which has identified wealth with estate living, not a high-rise lifestyle. The 140-unit building is still under construction. Spelling will have two penthouse floors measuring 16,500 square feet, which boils down to $2,848 per square foot.

Real estate experts said Spelling is not alone in her change of home. A growing number of wealthy Americans are starting to appreciate the New York-style high-rise living. It helps that they have choices in Los Angeles like buildings designed by known architects such as Robert Stern, Richard Meier and Jean Nouvel.

Condos, in fact, outsell single family homes in LA. In 2007, 59 percent of the new home sales were condos.

Notwithstanding the growing market for luxury high-rise for downsizing celebrities like Candy Spelling, California's real estate practitioners who gathered late July at a real estate show in San Francisco agreed the housing industry is in a disarray.

For the industry to pick up again, practitioners pushed for a return to the rule of law by everyone involved, from borrowers to Wall Street mortgage lenders. They cited diligent and best practices and stricter regimens on down payments and credit.