The Federal Reserve cut interest rates as expected today. The stock market fell. Wall Street wanted more than a quarter percentage point cut. Those in the real estate biz were no doubt breathing a sigh of relief that rates were at least headed in their direction. How are Fed chief Ben Bernanke’s moves playing out on Main Street?
This weekend I remembered a painting of Bernanke I’d seen hanging at an open house around the corner from where I live in Los Angeles. I popped into the development again on Sunday to take a picture of the painting. But the unit I’d seen it in was closed. The painting (that’s it above) had been moved to a townhouse in the back.
Amir Haber, one of the developers, told me two of the four townhouses (asking price $1.2 million) had sold http://www.liveworkloftsla.com/. I asked him if Bernanke’s reassuring presence had anything to do with it. “It wasn’t the painting,” Haber said, slipping into sales mode. “Have you seen the master bedroom?”
I noted the artist’s name, John Roberston, and contacted him http://www.StreetCredibleArt.com Roberston emailed me back and said “I painted Bernanke because there are a few businessmen that are like a celebrity – yet not colorful. I thought by painting him in that colorful manner added something to his persona.”
Coincidently, Robertson said his own home, a trailer overlooking the ocean, is for sale http://www.artistwriterretreat.blogspot.com. Maybe that Bernanke magic will work for him as well.