Boomers are Rightsizing, Not Downsizing
A significant portion of the 50-70 year old buyers are no longer downsizing to condominiums.They are downsizing to single level homes which offer more privacy than condos. They want a good master + additional bedrooms for when their kids come home.
Younger Buyers Want Large Creative Spaces
Buyers up to 40 like the the more modern contemporary “white boxes”.
Outside spaces are gaining in importance with younger buyers. Not just a pool but a living room and dining room outside plus a fireplace, wet bar & barbecue.
Manufactured Materials are increasingly Being Used & Accepted
Man-made products are mimicking natural materials in ways that provide high-end looks
with greater durability and less maintenance. Also because the quality is so improved, artificial grass is increasingly being used & accepted.
Closet Space is More Important than Ever
Large His & Hers walk-in closets are desired by today’s buyers
Dual Offices for Couples
Not only by younger buyers but also couples into their 60’s & 70’s each want an office.
2016 2017 Results
Sold $3,000,000 + 43 53 Up 23%
Low $3,030,000 $3,000,000 Close
High $11,300,000 $12,412,440 Up 10%
Average Price $4,553,186 $4,514,600 Virtual Tie
340 S Rimpau Bl Sold for land value + plans 19,999 Sq Ft Lot $4,200,000
101 N McCadden Pl 5B/5B 5020 Sq Ft on a 14,718 Sq Ft Lot $4,150,000
462 N McCadden Pl 5B/5B 5062 Sq Ft on a 13,443 Sq Ft Lot $3,768,000
460 S June St 4B/4B 5090 Sq Ft on a 19,951 Sq Ft Lot $3,500,000
506 S Norton Ave 4B/4B 4169 Sq Ft on a 10,650 Sq Ft Lot $3,150,000
4 Bedrooms, 2 Baths on Oversize Lot.
Hancock Park Estate Homes Sale Comparison for 1st 6 Months 2017 vs 2016
# of sales Highest Sale Average Cost Per Sq Ft Total Sales
2016 21 $6,990,000 $4,266,404 $746 $ 89,594,500
2017 27 $9,500,000 $4,721,747 $812 $127,487,175
The Wilshire Country Club’s truly amazing fireworks are scheduled for Tuesday evening July 4th at 9pm. One of the real treats in Hancock Park on The 4th of July are these spectacular fireworks offered every year by The Wilshire Country Club.
If they are as good as they were last year they are a phenomenal display. The corner where Wilcox and Rosewood meet is a popular spot. Maybe I’ll see you there.