As I’ve been saying for the past several months, the Westside real estate market is on fire. I’ve been watching home prices soar to pre-crash levels with properties flying off the market in a matter of hours. Of course, there are always winners when it comes to the market, so today, I’m going to tell you about the most expensive neighborhoods in the LA area. Hint, a majority are in Malibu.
#10 Malibu Park
Located in Malibu, Malibu Park comes in 10th place with median home prices of $3.5 million. The asking price of homes for sale in Malibu Park has increased 0.9% since July of 2016, while the number of homes for sale has increased 29.4%.
#9 Pointe Dume
Also in Malibu, Point Dume comes in 9th place with a median home of $3.9 million. This neighborhood is a bit more stable with fewer people moving in and out.
Though outside the traditional Westside boundaries, Bradbury came in 8th with median home prices at $4.3 million.
#7 North of Montana Avenue
This neighborhood in Santa Monica is on fire. With homes selling for a median price of $4.5 million, it is an area on the Westside that is seeing great market increases.
#6 Broad Beach
Another neighborhood in Malibu, Broad beach has seen home prices increase over the past year, reaching a $7 million median price.
#5 The Beverly Hills Flats
Located in Beverly Hills, this area gets its name from the relatively flat landscape. This year, median prices have risen to $7.5 million.
#4 North of Sunset Boulevard
Also in Beverly Hills, this area is also seeing tremendous growth. Prices north of the Boulevard average at $7.7 million.
#3 Cove’s Colony
Located in Malibu, this oceanfront gated community is known for its amazing views. Properties here average $8 million.
#2 Tony Trousdale Estates
Located in Beverly Hills, the Tony Trousdale Estates come in second place with an average median price of $8.5 million.
#1 Malibu Colony Beach
Located in Malibu, this oceanfront neighborhood stands heads above the rest in terms of average median price. Coming in at $15.725 million, this beach is the priciest one in Los Angeles County.
A few things to note:
- 6 of the top 10 are on or near the beach
- Other hard hitting neighborhoods include Brentwood at #14 and Pacific Palisades at #15
- Malibu and Beverly Hills have 10 of the top 20 neighborhoods
What does this mean for you? It means that the Westside is continuing to grow and this can mean great home valuations if you already own a home in the area. For those looking to buy on the Westside, now is a great time. More homes are going on the market as homeowners see their homes rising in value. Feel free to call me today for all your home buying and selling needs.