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🏡 February 2024 Luxury Real Estate Market Update & Trends for Beverlywood 🌟

🏡 February 2024 Luxury Real Estate Market Update & Trends for Beverlywood 🌟

By Christophe Choo Posted Mar 14, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 February 2024 Luxury Real Estate Market Update & Trends for Beverlywood 🌟

🔻 Avg Sales Price: $1.69 million, 📉 down 4% Room for negotiation!

🔼 Avg List Price $2.28 million, 📈 UP 10%

🔻 Properties Sold: 5, 📉 down 21%

🔼 Days on Market: 30 📆, 📈 UP 15%

🔻 $/Sq FT: $944, 📉 down 5%

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Welcome to the heart of Los Angeles, where the Beverlywood vicinity, just south of the iconic Beverly Hills, emerges as a sought-after destination for homebuyers and investors alike. The Beverlywood Homeowners Association, representing approximately 1,400 homes, underscores the area's exclusivity and community-focused lifestyle. With recent headlines in the Wall Street Journal spotlighting Beverlywood's allure, where teardowns start at the jaw-dropping price of $3.5 million, it's clear why this neighborhood is buzzing with activity.

February 2024 Market Update: A Closer Look at Beverlywood's Real Estate Dynamics

The Beverlywood real estate market, known for its proximity to Beverly Hills and its luxurious yet intimate setting, presents intriguing figures for February 2024. Here's a snapshot of the latest trends:

  • Average Sales Price: The neighborhood sees a slight adjustment with the average sales price at $1.699 million, marking a 4% decrease from the previous cycle. This dip offers a window of opportunity for buyers looking to enter this prestigious area.
  • Average List Price: Contrasting with the sales price, the list price averages at $2.28 million, revealing a robust 10% increase. This indicates sellers' confidence in the area's value and its appeal to prospective buyers.
  • Properties Sold: With five properties sold in February, there's a 21% decrease in sales volume, suggesting a highly competitive market where each listing is a prized commodity.
  • Days on Market: Homes are spending an average of 30 days on the market, up by 15%. This increase in market time reflects a market that is becoming more balanced, giving buyers a moment to breathe and make informed decisions.
  • Price Per Square Foot: The average price per square foot stands at $944, down by 5%. This metric offers insight into the area's pricing dynamics, suggesting a slight easing in the cost of luxury living space in Beverlywood.

A Spotlight Listing in Beverlywood Vicinity

Adding to Beverlywood's market appeal is a newly listed three-unit building, priced just under four million dollars. Spanning over 5,000 square feet, this property represents an exceptional opportunity at approximately $800 per square foot, below the area's average. It exemplifies the kind of investment opportunities that can be found in Beverlywood, blending luxury with value in a prime Los Angeles locale.

Why Beverlywood? The Lifestyle, The Luxury, The Location

Choosing Beverlywood means more than just buying a property; it's investing in a lifestyle embraced by the proximity to Beverly Hills, coupled with a unique neighborhood charm. Whether drawn to the area's architectural diversity, its community atmosphere, or the promise of an appreciating investment, Beverlywood stands out as a top choice for those seeking the best of Los Angeles living.

In Conclusion: The Beverlywood Real Estate Opportunity

As we navigate the ebb and flow of the real estate market, Beverlywood's vicinity area presents a compelling narrative of opportunity, growth, and luxury living near Beverly Hills. The February 2024 market update underscores a vibrant community in transition, offering both challenges and opportunities for buyers and sellers. Whether you're attracted by the competitive prices, the luxury market trends, or the chance to live in a location that's both exclusive and accessible, Beverlywood is a neighborhood that deserves your attention.

For those considering a move to or an investment in Beverlywood, the current market dynamics suggest a timely moment to engage with this vibrant community. With its proximity to Beverly Hills, the area promises not just a home but a lifestyle that's both aspirational and attainable. Let's explore what Beverlywood has to offer and discover your next dream home or investment opportunity in this hidden gem of Los Angeles.

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