Situated between East Hollywood and Beverly Hills, West Hollywood is one of the hottest up-and-coming areas of Los Angeles. With its tight-knit community, variety of real estate investment opportunities, and vibrant arts and nightlife scene, West Hollywood is a perfect place for those looking to buy in 2021.
Whether you’re interested in West Hollywood luxury condos or would rather settle in a single-family home, when you work with a West Hollywood real estate agent, you can make a solid investment that will improve your financial future. Here are seven reasons why you should consider investing in West Hollywood property.
There’s no denying that now is the perfect time to buy in any part of the country due to historically low mortgage interest rates. With rates hovering around 2.6% for a 30-year fixed mortgage and 2.12% for a 15-year fixed-rate mortgage, you simply get more home for your money when you buy now. If rates rise by just one point, you would be paying a few hundred dollars a month extra on a $500,000 home. As any good West Hollywood real estate agent will tell you, no one knows how long these low rates will last, so take advantage of them quickly.
According to NeighborhoodScout.com, only 19.7% of homes in West Hollywood are occupied by their owners. West Hollywood is dominated by apartments, with only 9.4% of the real estate market consisting of single-family homes. When you invest in an apartment or a building full of apartments, you can expect plenty of interest from potential renters. And if you’re looking for a West Hollywood luxury condo, you’ll find plenty of attractive options to choose from.
Over the past ten years, West Hollywood real estate has appreciated 63.43% compared to the national average of 5.03%. This lands West Hollywood in the top 20% for real estate appreciation in the nation. Whether you plan to live in your new West Hollywood luxury condo for years or you want to invest in property to rent out or resell down the road, the high appreciation rates mean your investment will be a solid one.
Who doesn’t want to live in an area that has dynamic nightlife, world-class restaurants, and iconic venues like The Viper Room, all within walking distance? If you’re looking at West Hollywood luxury condos to live in or to rent out, you know you’ll get your money’s worth due to all the nearby amenities. Restaurant favorites include Jones Hollywood, an all-occasion casual Italian hotspot, Night + Market, a Thai staple, and Rosaline, a modern Peruvian eatery with fantastic drinks and a fun atmosphere. In addition to the dining and nightlife, West Hollywood also has an outdoor pool, plenty of public parks, the Los Angeles County Museum, and one of the trendiest public libraries in the city. You can also find plenty of shopping options on Melrose Avenue, including Marc Jacobs, Helmut Lang, and Alexander McQueen.
Afraid you’ll buy a home and find yourself surrounded by McMansions in a few years? No need to worry — West Hollywood has strict restrictions on building. If a house is knocked down, developers cannot build on more than 40% of the plot, even if the original house was larger. This limits the number of oversized buildings and maintains the area’s tight-knit community feel. Your West Hollywood real estate agent can help you choose a property in the right area that has a nice mixture of old and new architecture, and you won’t have to worry about dealing with constant development after your move in.
The median age in West Hollywood is 39, with the two largest groups being those 30-39 and those 20-29. If you’re working with a West Hollywood real estate agent to buy a home to live in, know that you’ll be surrounded by young, hip artists and other creative types that will make life fun and interesting. It’s also a very inclusive community that tends to welcome everyone with open arms regardless of age, nationality, or sexual orientation.
If you’re more interested in buying investment property to rent, the young demographic means there will be plenty of people moving out of West Hollywood as they start families or settle into careers, bringing in new residents who will need housing. Either way, the younger demographic is a definite plus of buying West Hollywood property.
Though the entire country is still technically experiencing a seller’s market, the new COVID-19 stay-at-home and shutdown orders means that those who put their homes on the market are likely in a position where they need to sell. Your West Hollywood real estate agent will tell you that finding a property the owner needs to unload quickly is the best way to get it for less than current market value. To make sure you can capitalize on this situation, make sure you get pre-approved for a mortgage before you begin looking at properties and know exactly what you’re looking for in West Hollywood luxury condos. If you’d rather score a great deal than find a home that checks off all the items on your wish list, make sure your real estate agent knows that so he or she will know what to look out for.
Whether you’re looking for a new home or want to invest in property to add to your portfolio, you can’t find a hotter place to do so than West Hollywood. Once you’re ready to begin your search, get in touch with an experienced West Hollywood real estate agent like the ones at LH Spaces. The right agent will help you find a great deal on a property that will increase in value and make a fantastic home for you or your renters.