Why Everyone’s Moving to Beverlywood: An Unprecedented Real Estate Boom Among the Young and the Rich

In western Los Angeles County, south of the city Beverly Hillsis the neighborhood of BeverlywoodWhich has undergone a significant change in recent decades. What was once a middle-class enclave developed in the 1940s has now become a popular point of attraction for young families, professionals from various industries and generational wealth holders.

said Mark Noah, a real estate agent with Sotheby’s International Realty – Beverly Hills brokerage. The Wall Street Journal That “in the last ten years, Beverlywood has exploded.” The area has approximately 1,350 homes within a housing association that regulates house style, size, colors and landscaping, as well as providing 24-hour security patrols.

As interest in this area has increased, property prices have also seen a significant increase. A decade ago, it was possible to buy a home in Beverlywood for between $200,000 and $300,000. However, currently, the cost of buying just one piece of land on one of the main streets is no less than USD 3 million, which is equal to acquiring a lot of about 604 square meters.

Mir Nemetsky, a real estate agent with Power Brokers, told the aforementioned outlet about the area’s competitiveness: “In most cases the sale of a $2 million home attracts a circus.”

This dramatic change in prices reflects not only high demand, but also the prestige and desire to live in this community. The main buyers are usually young familiesMany of whom come from fields such as finance, technology or medicine, and it is not uncommon for them to receive a financial boost after owning their first home.

The designs of homes in Beverlywood are varied. Many choose to buy small properties with future remodeling plans, while others decide to demolish even the most attractive homes to build larger residences.

Although the architecture of the neighborhood is mostly traditional, some small owners prefer it Modern look to their homes. Association regulation of construction and landscaping is welcomed by some, although others would prefer not to be governed by a board.

Among the most popular locations for buyers is the northwest side of Duxbury Circle, where homes have large lots and views of Hillcrest Country Club. Homes on the west side of South Roxbury Drive, which surround the country club, rarely come on the market, but when they do, sales are very quick.

Addressing the topic of home insurance, Sussman Insurance Agency President and Principal Agent Carl D. As California faces difficulties finding affordable home insurance due to climate risks and high rebuilding costs, Beverlywood appears to be one, Sussman noted. In the most insurable areas. The low slope of the land and the small size of the homes make it easy for them to qualify for California’s FAIR Plan, which offers basic fire insurance.

Finally, real estate broker Ben Lee with Coldwell Banker has advice for potential buyers: A shortage of inventory in Beverlywood drives up prices.

“If you want property, you have to be willing to fight for it,” he said The Wall Street Journal. Lee noted that a creative strategy can be to buy an under-construction property from a developer, sometimes allowing the buyer to customize the finish to their liking.