Los Alpes is an upscale and wealthy neighborhood located in southern Mexico City, close to Barranca del Muerto, Periférico Sur, and Rómulo O'Farrill, among other important avenues of the city. The neighborhood started to flourish in the late 1950s, when many wealthy families started to build large houses around the area. In the early 1980s after the Mexican-1980s crisis, several families were forced to sell their houses to move to less expensive neighborhoods such as Ciudad Satélite and San Jerónimo[disambiguation needed]. Nevertheless architects and construction firms took advantage of the large lots and started building premium condominiums and residences, including expensive family condos and luxury buildings with large and expensive apartments as Penthouses. The neighborhood was home to Mexican president Felipe Calderón until he moved to the official residence in Los Pinos.