🏡 December 2023 Luxury Real Estate Market Update & Trends for Hollywood Hills East 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Hollywood Hills East 🌟
🔼 Avg Sales Price: $3.01 million, 📉 down 22%.
🔼 Avg List Price $3.06 million, 📈 UP 3%
🔻 Properties Sold: 5, 📉down 12%
🔻 Days on Market: 43 📆, 📉down 29%
🔻 $/Sq FT: $915, 📉down 3%
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Nestled in the heart of Los Angeles, Hollywood Hills East is an area steeped in the glamour and history of old Hollywood. Once the abode of celebrities in the early days of Hollywood, this region offers a unique blend of vintage allure and contemporary lifestyle, making it a fascinating subject for our December real estate market update.
Hollywood Hills East: A Market on the Rise
December 2023 saw the Hollywood Hills East real estate market experiencing intriguing shifts. The average sale price in this iconic area has risen to just over $3 million, marking a significant 22% increase in the last 90 days. This increase in value reflects the area's growing appeal, particularly among first-time buyers who find Hollywood Hills East a more accessible option compared to its western counterpart.
A Closer Look at Market Trends
The average list price in Hollywood Hills East also witnessed an upward trend, reaching slightly above $3 million, an increase of 3%. However, the number of properties sold in December dipped by about 12% from the previous cycle, with only five properties changing hands. This decrease could be indicative of the market's response to the recent price hikes.
Days on Market and Price Per Square Foot
An interesting aspect of the Hollywood Hills East market is the reduction in days on the market, which have decreased by nearly 30% to 43 days. This suggests that despite the higher prices, properties in this area are selling faster, possibly due to its allure and the unique living experience it offers. The price per square foot currently stands at $915, down by 3%, making it an attractive proposition for those looking to invest in a piece of Hollywood history.
The Geographical and Architectural Appeal
Hollywood Hills East, with Beechwood Canyon at its heart, stretches from Hollywood proper to Crescent Heights Boulevard. This expansive area is known for its varied topography, predominantly nestled in the hills, offering spectacular views and a serene environment. The architectural landscape here is a mix of cool modern homes and charming older residences, catering to a diverse range of tastes and preferences.
Why Hollywood Hills East?
Choosing to live in Hollywood Hills East means embracing a lifestyle that combines the nostalgia of old Hollywood with modern amenities. The area's relatively more affordable pricing, compared to Hollywood Hills West, and its larger geographical spread make it an increasingly popular choice for those seeking the quintessential Hollywood living experience.