Throughout the massive sprawl of Southern California, there are so many properties that offer the incredible amenities that prompt home buyers to spend millions and millions of dollars. However, with many of these properties being snatched up by a growing base of luxury home buyers, some areas around Los Angeles are becoming more and more exclusive and taking the terms “luxury” and “upscale” to an entirely new level.
One of the most important amenities that has been helping to drive the luxury market in Los Angeles is the land itself. Despite the massive sprawl across hills and mountains, promontory views are becoming more difficult for homes to deliver. As a result, neighborhoods such as the Hollywood Hills East of the Sunset Strip are gaining traction in the luxury market. Having been overlooked and largely underdeveloped, luxury home builders are now beginning to recognize this diamond in the rough.
Celebrity home owners have taken notice as well. Actor Jeremy Renner, Drew Barrymore and her husband Will Kopelman and producer Megan Ellison have been buying up properties in the area. Prior to their investments, Hollywood Hills East was very much on the lower end of the luxury spectrum. However, Ellison’s purchase of a $30 million compound known as Mt. Olympus has helped to fuel luxury home growth in the area.
“The Ellison sale really changed everything. She was the first to really push the high, high-end market east of Laurel Canyon, and people follow her,” said real estate agent Josh Altman to The Hollywood Reporter. “Curson Terrace and Stanley are in a buy-now situation. It’s like the stock market, and now is the opportunity.”
Luxury Home Buyers Are Capturing Southern California Life in Properties
While views have been extremely important in some communities, other older communities have been highlighted recently for their access to the type of life that only Southern California can afford a home owner. Beach properties in Venice are gaining strength yet again, particularly in the neighborhood bordered by Venice Boulevard and Rose Avenue. In this region of the city, homes were selling just a few years ago for $1.3 million to $1.5 million, now older homes are selling for $2.3 million while newly built homes are hot on the market for around $5 million.
Helping to fuel this even further is the revitalization of Lincoln Boulevard. Here boutiques and restaurants are making the sprawl not so sprawled as the community is getting increasingly more walkable.
Walkability has also been a major factor in the growth of the Pacific Palisades luxury home market. A proposal was recently accepted to make the grouping of streets in the downtown area more connected with boutiques, theaters, restaurants and cafes.
The Palisades are also becoming a haven for celebrities. Reese Witherspoon and her husband Jim Toth recently shelled out $12.7 million for a mansion in a gated Palisades community. Just a few years ago, properties were selling for approximately $3 million according to Santiago Arana, a real estate agent who spoke with The Hollywood Reporter.
If you’re interested in learning more about the exquisite neighborhoods and luxury properties of Los Angeles, please contact our team today.