Neighborhood in a blink of an eye: Beverly Hills

Quick facts about the real estate market in one of the most exclusive neighborhoods of Los Angeles.

History: Starting from the middle of the 19th century different people attempted to put Beverly Hills as the place to live on the map, but only after the world famous Beverly Hills Hotel opened its doors in 1912, did this place became a destination for the most successful actors in Hollywood. Since then Beverly Hills has managed to keep its status of one of the most exclusive places to live, featuring, probably the most recognizable zip-codes on the planet – 90210.

Geographical location: Bordering with the City of West Hollywood to the East and surrounded by the City of Los Angeles everywhere else, Beverly Hills creates an exclusive Golden Triangle with other exceptional neighborhoods, such as Bel Air and Holmby Hills. Being in the middle of everything, close to Downtown and Hollywood to the East and Pacific Ocean to the West, Beverly Hills manages to stay remote from other parts of town in a best way possible.

Area description: Luxury is the best word that describes this neighborhood. Even though there are some some great family oriented pockets within the City of Beverly Hills, in general you will need to have a good amount of money saved in order to get a residency here. A lot of local businesses have been getting substituted by mega-brands, but that is just the reality of a place like this – wealthy people that are willing to spend $5M+ on a home will more likely be interested in shopping luxury world known brands than at a local small stores.

Price ranges for single family homes: Finding something that is just slightly above $1M here would require great luck, but don’t be surprised if you don’t find any house within that price range because basically, that’s the land value here. And on the other end of spectrum, as you might have guessed, there’s virtually no price ceiling, and it’s not rare to find homes marginally over a whooping $50M mark.

Price ranges for condos: Starting from a half a million dollar mark for something that is so tiny that you will immediately feel yourself in New York (and even then your HOA dues will be, more likely than not, over $500 per month), an average condo will cost you over $1M. And again, with a luxury market, there’s just no limit when it gets to Beverly Hills – there are more and more full service buildings that will be able to ask, and sell condos for or even above the $10M mark.

Sincerely,

Oleg Korolov