Walkability Is Key to Condo Sales

walkability

There are many things driving people to buy on the Westside. However, a strong component is the walkability score. Walkability is simply the ability to walk from your home to local neighborhood attractions and amenities. Because of the demand for walkable urban living, condos on the Westside with high walkability ratings are hot commodities.

Why Walkability?

Consumers are tired of suburban living with the car culture. Fewer and fewer millennials want to sit in traffic to go to work or load the family into a car to head out to eat. Instead, they would prefer to walk to local restaurants and stores where the owners know your name and your likely order.

Why the shift from driving to walking? Here are just a few reasons:

  • Traffic is worsening in the LA area
  • Parking is expensive
  • Millennials want to live an urban lifestyle

Luxury Walkable Condos on the Rise

Because of this trend, new luxury condos feature walkability and urban life. They promise occupants the ability to catch breakfast in the morning, hit the transit for work, eat in a local spot in the evening, and then listen to live music at night without having to put a key in the ignition.

Developers often achieve this concept through something called vertical living. With vertical living, developers create luxury condos on top of retail space. Several such vertical living developments are in the area including the Residences at the West Hollywood Edition.

Hefty Price Tag? Not Always

Walkable luxury condo living is not cheap. For many on the Westside, living in a condo costs as much as living in a luxury mansion. That’s because high walkability scores add value to a home.

Redfin is a real estate website that offers walkability scores for neighborhoods. Everyone is given a score from 1 to 100 with 100 being the most walkable. Statistics show that the same property with an 80 walkability score vs a 60 score will be valued at about $129,000 more. In fact, high walkability scores tend to increase the median home price per square foot high above the nationwide median.

However, you don’t have to spend a fortune to find walkability. The idea of a walking culture is hitting all price points on the Westside. For instance, condos in West Hollywood, an area known for great walkability, often sell below $1 million.

Westside Encourages Walking

The entire Westside area is moving toward a walking culture rather than a driving one. As revitalization continues to happen in the area, begin to notice the following:

  • Extended public transportation
  • Wider sidewalks
  • Addition of benches and trees along streets
  • More construction near transportation hubs

For a great list of walkable condos on the Westside, give me a call. In addition to condos currently on the market, I have information on condos coming to the area in the near future.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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