Lifestyles of the Modestly Wealthy in the Hollywood Hills
It’s understandable if most people are interested in the home sales of celebrities in the Hollywood Hills. We are too – it gives a fascinating window into the lifestyles of the rich and famous. At the same time, anyone who’s interested in buying a more modest home in the Hills will need a more realistic assessment of home costs and values.
What? Modest homes in the Hollywood Hills? Certainly, and this is the reason that concentrating too much on expensive luxury homes in the Hollywood Hills can give a skewed sense of what’s available in this region. While, most of the real estate in the Hollywood Hills is no doubt higher-end than other neighborhood’s in Los Angeles, it’s not as though every home is a sprawling $8 million house or something like Scary Spice’s glamorous home with three separate waterfalls. In fact, those types of homes are the exception, not the rule.
So if you’re interested in buying a less expensive home in the Hollywood Hills, you’ll no doubt be interested in the closing time and value for homes priced around the $1 million market. Scary Spice’s home – which was listed and sold within a week – is the exception. You’re most likely going to have to wait longer than that to sell your home. This was true even before the downturn in the housing market. Home sales re creeping upward so it is possible that you can sell the home well under a year and for asking price, if not above your asking price.
Likewise, if you’re a buyer you want to be sure that a Hollywood Hills home will retain its value. In general, the home values in luxury neighborhoods have not been victim of the same fluctuations in values as lower-income areas, as there are fewer neighborhood foreclosures. So home values are still strong in the Hollywood Hills, while prices are relatively lower. The market is getting stronger – which is good news for sellers, but buyers should look to get involved sooner rather than later before prices go steadily upward.
About Susan Andrews:
Susan Andrews is a top producing real estate agent at prestigious Beverly Hills real estate firm, Hilton & Hyland. She specializes in Hollywood Hills, West Hollywood and Los Feliz real estate. Susan can be contacted at 323.829.8811 or by e-mail regarding her properties.
