Things are looking great for the Los Angeles real estate market at the start of a brand new year. 2015 could have big changes in store for some areas, while other neighborhoods in L.A. are steadily increasing in popularity.
I am very much looking forward to watching the changes in Pacific Palisades, a charming and affluent community located between Santa Monica and Malibu. Developer Rick Caruso has big plans to revamp Swarthmore Avenue and create a community friendly mix of distinctive retailers, architecture and even an ice cream shop, which he promised a group of children, disappointed that the local Baskin Robbins would be closing to make way for the new project.
It will be very interesting to watch Swarthmore Avenue undergo the metamorphosis that Rick Caruso has planned.
The Sunset Strip is losing a few iconic places and several new, upscale hotels will be taking their place. Downtown L.A. is definitely not what it used to be…. it’s amazing. The entire Arts District seems to be getting ready for its close-up and there are luxury condominium towers rising above the L.A. Live area.
All of this new construction and change is very exciting, but I am keeping an especially close eye on the luxury market. Luxury home sales were on the rise last quarter, even though other home sales were a bit on the sluggish side. An area that is really heating up? Trousdale Estates.
In the foothills at the northeast end of Beverly Hills, Trousdale Estates was a place many Angelenos only knew as a shortcut to the Valley but it is becoming better known as a mecca of midcentury architecture. Perhaps it is the popularity of Mad Men, perhaps it is the stunning ocean, city or canyon views that is drawing them, or perhaps it is the increase in celebrity residents. Elton John, Jane Fonda, Vera Wang have homes there and Ellen DeGeneres and Portia de Rossi have recently moved in.
While many homebuyers are embracing the iconic midcentury modern architecture, many others want brand new construction, with as many as 30 new projects underway right now.
In the “Bird Streets” homes that are considered teardowns can fetch as much as $7 million if the lots offer “10 out of 10” views. Many brokers and residents say the neighborhood’s superior “jetliner” views of the city and proximity to the Sunset Strip make it more desirable than other luxury hillside enclaves. (You can get from Sunset Boulevard to the top of Blue Jay Way in less than five minutes.)
There is also a large celebrity population in the Bird Streets as well. Jennifer Aniston, Dr. Dre, Leonardo DiCaprio, and Jodie Foster are among the celebs who have called this exclusive neighborhood home.
There are so many wonderful areas and beautiful, luxurious homes in the Los Angeles area. For a quick sampling, please enjoy this short video, filmed on location in some of the most prestigious neighborhoods.
Big things are happening in 2015!