I am frequently asked this question. It’s really sad – people raising families fear their children will not be able to live here. The answer: The Westside is not for everyone. It is a luxury. It is difficult to find a house for under $1 million.
If you are able to find a home for $1 million, it will have trade-off’s – less than 1,200 sqft and 1 bathroom. Or a fixer-upper with a poor floor plan on a tiny lot. Plan to spend at least $1.4 million for a 3 bed, 2 bath home with a nice yard in a decent location.
Fixer-uppers are not bargains. Many are being purchased to be torn-down to build modern 6 bedroom, 6 bath homes that resell for well over $2 million.
As a result, many people are moving East and South – to Leimert Park, Windsor Hills, Gramercy Park, Manchester Square, Baldwin Hills, View Park, Ladera Heights. If you really scramble and get lucky, you might be able buy a beautiful, larger house and lot for $850,000 – at least $500,000 less than a comparable property on the Westside. In Inglewood, people of all ages are snapping up lovely homes for under $700,000, with great proximity to LAX, the emerging Rams/Chargers multi-use facility and expanded Metro service. Some people are moving North into the San Fernando Valley. For $600,000 you can buy a nice house “just over the hill” in a quiet neighborhood that affords a quality lifestyle.
Townhouses and condominiums are another option. Decent condos with full amenities start around $600,000 in WLA, and $400,000 in Culver City and Fox Hills.
In conclusion, it is difficult to buy a single family home for under $1 million on the Westside of Los Angeles. But, if you live farther from the beach, restaurants and shopping of Santa Monica, Venice and WLA, and possibly have better access to LAX, Downtown LA and Metro, you will be able to more affordably live your slice of the California Dream. Call your realtor to find out more about neighborhoods and pricing.