The Hollywood Hills Real Estate Market
No real estate broker would be honest if he or she said this is a rosy housing market. However, the housing market in the Hollywood Hills is not as bad as it could be – that is, in relation to other parts of Los Angeles. Southern California on the whole took the biggest dip in terms of foreclosures and dipping housing prices. The fact that other parts of the country have not bottomed out yet is attributed to the fact that they have not reached So Cal levels.
That said, Southern California is a huge region and the Hollywood Hills by no means has fared as poorly as other parts of the region, or other parts of L.A. in particular. So while there may be fewer home sales during this current climate that may drive down home prices, it is not necessarily driving down home values. As most know, the bulk of the problems existed in the subprime housing market, and that just isn’t the market in Hollywood Hills or other high-end real estate neighborhoods.
So prospective homeowners do not have to fear real estate values plummeting. Home buyers can benefit from home prices dropping – especially those homes in the one to two million dollar range. Home sellers may have to settle for a lower home sale price – or else wait a longer time for the home to remain on the market to find a good buyer. So although you will read dire projections about the housing market on the whole, this should not scare you away from Hollywood Hills real estate. These aren’t great times, to be certain, but the market also opens up opportunities, in terms of interest rates and prices, that you may never see again.
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.
