Beverly Hills CA, Aspen CO, among others are hot spots for the rich and famous. Limited supply of mansions drives the prices up considerably.
"Try to find eight or 10 acres in the middle of the Hollywood Hills," says Mauricio Umansky, a broker at Hilton & Hyland. "God's not making any more land. [Trophy properties] are a true micro-economy with much less supply than demand."Beach front property in Florida drives a considerable price. Many people want to brand themselves with their trophy property so they'll buy in high end New York communities or other ritzy neighborhoods.
