Condo prices for 2016 were amazing. In fact, three cities on The Westside made condo sale history with increases over 20% in 2016. Let’s take a look at which cities broke the 20% mark and which city was the most active for condo sales.
Westside’s Sunset Strip – 20% Increase
The mile-and-a-half stretch of Sunset Boulevard that runs through West Hollywood is known as the Sunset Strip. The strip is the most well-known portion of the boulevard and is home to boutiques, restaurants, rock clubs, and nightclubs, as well as the well-known colorful billboards. One reason for the increase in condo prices in this area is the great walkability and easy access to venues on the cutting edge of the entertainment industry.
Westside’s Hancock Park – 23% Increase
Hancock Park, developed in the 1920s is flanked by Hollywood to the north, Larchmont and Windsor Square to the east, Mid-Wilshire to the south and Fairfax to the west. With approximately 11,000 residents, Hancock Park has one of the lowest population densities in Los Angeles, making it a highly sought after area.
Westside’s Beverlywood – 23% Increase
Tied with Hancock Park is Beverlywood, a Westside neighborhood of LA. Unlike many Los Angeles neighborhoods, Beverlywood residents often live there for decades, enjoying the perks of living in an incorporated community. The HOA maintains private parks, well-maintained streets, and beautiful landscaping. Additionally, Beverlywood has easy access to great shopping and entertainment.
Westside’s Westwood-Century City – 17% Increase
Although Westwood-Century City only had a 17% increase, it was deemed the most active neighborhood for co-op and condo sales with 135 sales during 2016. Century City is known for its employment centers and skyscrapers, while Westwood is home to UCLA. Nearby attractions include the historic motion picture theaters in Westwood Village, Hammer Museum, restaurants, and shopping.
With condo sales on the rise, an increase in condo prices in these neighborhoods shows that they are highly sought after areas. If you are interested in buying or selling in The Westside market, please give me a call to discuss.