There are many cities throughout the United States that have been named as the most walkable in the country. Redfin.com outlined on their website how a “Point of Walk Score” adds sizeable value to a home. To many homebuyers across the country, having the ability to walk to work, parks, shopping, dining and school is a tremendous bonus. However, less than 2 percent of active listings are considered ideal for walkers by earning a score of 90 or above on Redfin’s scale. Despite the rarity of these listings, 56 percent of millennials and 46 percent of baby boomers would prefer to buy into a walkable community. Because of this juxtaposition, walkability comes at a price, with more “walkable” homes earning top dollar.
To determine the true value of walkability when buying or selling a home, Redfin evaluated sale prices and Walk Score ratings by looking at more than a million homes sold from 2014 to 2016, throughout 14 metropolitan areas. They found that just one Walk Score point can increase the price of a home by an average of $3,250 or 0.9 percent. In Los Angeles, the walk score of 66.3 equated to a dollar premium of 1 walk score point equally a staggering $3,948 (per point).
Although finding a truly walkable community is difficult, it is not impossible in Los Angeles. There are areas throughout Los Angeles that have created bubbles where your home can be found in close proximity to your job, your children’s school and even shopping and dining. These neighborhoods within neighborhoods have become close knit communities where there is a strong sense of pride for where you live. Finding a home in one of these communities can take a little longer but the trend will likely continue to emerge in coming years and more people seek the perks of walkable living.
The Koreatown, Silver Lake and Downtown areas offer housing options with shopping, dining, jobs, schools, parks and many other amenities within walking distance. The cost on properties may be slightly higher than their less walkable counterparts. However, having the ability to walk instead of drive or use public transportation reduces costs, while also reducing your carbon footprint.
While some luxury homebuyers are most interested in finding a home in a gated community, others see walkability as a lifestyle they want to be a part of. More and more homebuyers throughout Southern California are taking their enjoyment of the outdoors well beyond the beach. This includes the ability to have a job within walking or biking distance. This means more time spent at home and less time commuting. Having the opportunity to walk to your favorite restaurant or grocery store lends to more of a close community environment.
To learn more about walkable properties in some of the most exclusive neighborhoods in Southern California contact our luxury real estate experts. We specialize in high-end properties in the most highly sought after communities in Southern California.
$2,395,000 : 1523 N 3/8 DOHENY Drive, Los Angeles4 beds, 6 baths
$3,495,000 : 2314 JUPITER Drive, Los Angeles4 beds, 5 baths
$2,000,000 : 650 KELTON Avenue #203, Los Angeles3 beds, 4 baths
$3,850,000 : 824 N LA JOLLA Avenue, Los Angeles5 beds, 5 baths
$2,295,000 : 6141 LINDENHURST Avenue, Los Angeles3 beds, 3 baths
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(all data current as of 10/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.