There’s a new trend in Los Angeles, and it’s causing quite a stir.
The fashion industry, normally focused in New York City, has been quietly taking root in Los Angeles, California.
Rodeo Drive – Los Angeles, CA
Many well-known designers have come to the west coast to live and create in a more inviting environment. These high-end trendsetters are snapping up Los Angeles luxury homes and setting up shop in a town that was formerly shunned by the fashion elite.
Many designers say they feel a freedom in Los Angeles that they don’t experience in other fashion hubs like Paris and Milan. Unlike Los Angeles’ New York counterpart, the West Coast location offers an easier lifestyle with a comfortable climate year round, ski friendly mountains and beautiful beaches less than an hour from the city. Furthermore, the cost of Los Angeles luxury homes is approximately 50% lower than what you can buy in NYC. For $3 million in Los Angeles you can purchase a remodeled Hollywood Hills home with a pool and view, while $3 million in Manhattan will buy you a small 2 bedroom condo with very little closet space and a view if you are lucky.
As this wave of snow birds continues, it will surely bring more artists and designers who crave inspiring homes in communities such as the Hollywood Hills, Beverly Hills, West Hollywood and other trendy areas of Los Angeles. This will drive up the demand for luxury homes in Los Angeles and create more of a crunch in our already slim inventory. They obviously understand what California has to offer: high end living with amazing views and unique architecture at half the price. What’s more, it is the international community that recognizes what Los Angeles has to offer too. Despite the state of the economy, interest rates and jobs, I believe the growing demand for the Los Angeles lifestyle will continue to drive up the real estate values for years to come.
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If you are interested in what is going on in the Los Angeles real estate market, please contact me. I would be happy to discuss the latest trends with you.
Susan Andrews | Estates Director
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