ResalesBeverly Hills Still Sells Real Estate With Star Appeal
One of the most famous residential names in the world is Beverly Hills, a wealthy star-studded section of Los Angeles, California.
"Beverly Hills can boast of the reputation that comes with the words "Beverly Hills," says Realtor Liz Cooke. "From the exclusive boutiques on Rodeo Drive to the famous "Beverly Hills Hotel" on Sunset Blvd, this city will always hold the images of movie stars, expensive cars and one of the highest standards of living in the world. Centrally located in Los Angeles County between the communities of Bel Air and Hollywood, it is a short 15 minute drive to both the Pacific Ocean or the hustle and bustle of downtown Los Angeles.
"Beverly Hills has a dry, Mediterranean-like climate with little rain, low humidity and a lot of sunshine," says Cooke. "With a population of 32,000 people living in 5.7 square miles, Beverly Hills is considered one of the safest cities in California. In addition, residents have access to the very best libraries, health care, public schools and recreational activities. Home Prices range from $500,000 to $10 million."
"With many buyers wanting to live in Beverly Hills," continues Cooke, "there are very few homes available and we have seen home price appreciating very quickly. This past month we saw 55 homes sell with an average price of $1,372,005 and an average days on market of 95."
Notes Realtor Ruperto Elpusan, "The number of single family residences sold, month-to-date on August 14, 2003 is 19 homes, ranging in price from a low of $755,000 to a high of $4,995,000. There are currently 219 single-family residences active on the market, ranging in price from $469,000 to a high of $23,500,000. Of those, 194 are priced over $1 million."
Elpusan adds, "For condos, nine have sold so far in the month, ranging in price from $295,000 to a high of $1,425,000. Year-to-date, there have been 303 single-family residences sold in the city, with 236 of them over a million dollars.
He advises, "While it"s true that it"s a seller"s market in general in the Southland, it is true also in Beverly Hills. And as would be expected of higher priced homes, the homes are on the market longer here than in other cities, but relative to prior periods here historically, homes are selling relatively briskly."
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