The Next Generation in Hollywood Hills

Hollywood Hills is famed for its cinema star and entertainer populace, and the lush green landscapes around Mulholland Drive were known as their protected exclusive enclave. With a tough national real estate market displaying horrible numbers both in sales volume and asking price, recent years have seen a change in trends. Buyers are profiting from the fact that sellers have been lowering their asking prices in an attempt to stimulate a dry market, and the US government has been helping financially as well. The net result of all this is that Hollywood Hills homes are seeing new younger buyers as well as the familiar faces of old real estate pros.

Recent loan applicants have benefited from 2009 and 2010 tax incentives that allow inhabitance-dependent grace periods for buyer loan repayment requirements. Buyers must occupy a home for 3 years in order to receive a repayment break. Because of tax incentives, a large percentage of modern mortgages are going to first time buyers, steadying Hollywood luxury home and condo prices at a minimum.

Naturally, the influx of buyers has created a lag period between offer and closing times, and many intelligent buyers are acting now so they can get the homes they want. Now is the best time for first time buyers to get into West Hollywood, where properties aren’t necessarily the cheapest nationwide, but they’re definitely the swankiest. Sellers will only lower their prices for so long until they are utterly undercut by the increasing number of developments and cheap properties temporarily available.