Always assume a real estate agent in engaging in hyperbole, but... In the last year or so I've seen a lot of houses in Hollywood Hills / Beverly Hills purchase

Always assume a real estate agent in engaging in hyperbole, but... In the last year or so I've seen a lot of houses in Hollywood Hills / Beverly Hills purchased, demolished, and rebuilt from the ground up. Needless to say, that's quite an expensive endeavor. Compared to a few years ago when houses in the same area sat on the market forever, it seems like things have taken a turn for the better.