For sale: New mansions for new-economy millionaires

The homes are designed, furnished and equipped to appeal especially to the dot-com rich

June 2, 2000
Web posted at: 11:42 p.m. EDT (0342 GMT)

RANCHO PALOS VERDES, California (CNN) -- Instant millionaires can buy instant multi-million dollar mansions in coastal California.

A 79-lot development in Rancho Palos Verdes, California, attracts over 1,000 prospective buyers every weekend for homes completely and very expensively furnished in one of four decorating styles.

"If somebody wants to just move in with their clothing, that's all they bring in," said Hadi Makarechian of Capital Pacific Holdings. "Maybe we can even arrange for the designer's clothing."

Sales are ahead of projections: Eight of the 12 homes completed are already sold.

"They've decorated them so beautifully that you don't even need to use a lot of imagination," said one home shopper. "You can just imagine checking in with your luggage."

One nearly 8,000 square-foot home, with all furnishings -- furniture, plants, plates, flatware and crystal -- is the most expensive at about $6 million.

"Four years ago, we would have said the buyers of these homes are the older, more established business owners. But with the new economy, we see younger and younger people, who come in and they want everything done for them to the highest level," said Makarechian.

Mansions appeal to dot-com millionaires

One real estate analyst believes the developers are right on the money.

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"In other times and in other markets, this would be a very risky project," said John Karevoll of DataQuick Real Estate. "But right now in California, with the way the economy is growing, it's probably going to do very, very well. These dot-com millionaires, and these high powered "Type A" people who just sit in the cars and make cell phone calls all day -- they don't have the time to sit down there and make choices about chandeliers and cupboards."

The homes can be hi-tech, with computers that sense when yards are dry and that let you adjust wine cellar temperatures from across the country. Even the seats in the home theaters are wired.

"Sit here and watch the movie and at times feel the vibration off the seats (to match the action on the screen,)" Makarechian said as he proudly showed off one such theater.

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