Sunset Boulevard, Rodeo Drive, Chateau Marmont -- the city of luxury awaits.
Beverly Hills needs no introduction. Unless you've been living under a rock and/or haven't seen a movie or popular tv show in decades -- you've heard of the city that sometimes goes simply by it's zip code -- 90210.
2020, however, has spared no one it seems and so how is this grand and luxurious city holding up? Is the real estate market as healthy and robust as ever? Or is it down to twenty-five percent capacity like the gilded stores that flock it's famous Rodeo Drive?
Luxury at a Cost
Interestingly enough, according to Redfin, the median sale price of homes in Beverly Hills is 2,700,000 and has dropped almost 10 percent in the last few years. Why is this? There's a lot of theories out there but most point out that the home prices are so steep that the market is rarely competitive which has led to most homes selling on average 4% below listing price. Also, it's worth mentioning that less people are wanting to move into heavily congested Los Angeles.
The median listing price for homes is much higher than the 2.7 million average sale price, coming in around 4 and a half million dollars. Looking at graphs and statistics across multiple real estate websites leaves one slightly puzzled about Beverly Hills. The listing prices have stayed steady and yet the sale prices look more like a tide chart than an uphill climb (which most markets see,) with steep inclines and equally as steep declines.
Also unlike other markets -- Beverly Hills is a Buyer's Market. There are more homes for sale than buyers who are looking to purchase in that area. Homes are on the market for almost 70 days on average, according to realtor.com, which isn't too long but certainly doesn't point to a booming real estate market.
In any search of available properties in the city of Beverly Hills itself, one can see it is largely single family homes for sale. This is different than most Los Angeles real estate which are largely condos and smaller residences, with walkability to all of the nightlife, dining, and shopping the city of Angels has to offer. Beverly Hills caters to a more mature crowd or most often to tourists. Living in the 90210 zip code doesn't appeal as much to younger and trendier crowds anymore as much as more coastal Los Angeles county cities or the up and coming West Hollywood.
Still, the homes in Beverly Hills are breathtaking and unique -- there's no doubt about it. Many have lush landscaping, gated driveways, and some even have tennis courts and other posh amenities on site. It's not uncommon for homes to have a casita or guest house on the property and the architecture is stunning and diverse. There's mid century modern homes, palatial estates, and ivy-covered cottages all lining the same pricey streets. The Los Angeles times does a "Home of the Week" segment and Beverly Hills is often featured.
While the market may not be thriving right now according to Redfin, Zillow, and the likes -- the likelihood of Beverly Hills going out of style is low. The tree-lined streets and world class shopping have drawn homeowners and tourists for decades and will continue to do so.
Where in the 90210?
If agents do have a buyer interested in calling this city "home," it'd be wise to be aware of the various neighborhoods of Beverly Hills. Trousdale Estates is a neighborhood that mostly boasts eclectic mid century modern homes that are any architectural buffs dream that lies tucked in the hills offering beautiful views of greater Los Angeles.
The Flats is probably the most well known residential area with its palm trees, manicured roads, and of course, the Beverly Hills Hotel.
South of Wilshire and South Beverly drive are home to some of the best restaurants in the area -- and everyone loves the walkability. There are both single and multi-family homes here and most are "grand mansions" according to LoveBeverlyHills.com
There's the Golden Triangle where Santa Monica Blvd., Wilshire Blvd., and Canon Drive intersect. Rodeo Drive exists here and most homes for sale are condos and high-rises near the epicenter of the city.
Of course there are neighborhoods outside of those highlighted above and there are homes upon homes tucked into the quaint but grand hills and winding roads that make up the surrounding Beverly Hills area. As always, getting a sense of what a buyer is looking for will be key here but it's hard to go wrong when making a city of such grandeur your new home.
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