Incorporating real estate is a sensible decision, but the real choice is where you decide to invest.
After four decades in Los Angeles real estate, Christina has seen everything that a hyper-competitive market offers.
That’s why our team of real estate professionals is so excited about the investment opportunities in Century City. Let’s explore why you should be too.
Why Are People Moving to Century City?
Century City is a niche neighborhood with significant potential for the near future. Here’s why:
- It’s in a great location
- It has strong business roots
- It has vibrant cultural offerings
Thousands of people move to Los Angeles every year. With dozens and dozens of neighborhoods in Los Angeles county, finding the most lucrative spots in the city is a matter of close examination of their appeal.
Where Is Century City?
Century City is a central neighborhood in the Westside region of Los Angeles. The Westside region is already one of the hottest areas in the city—Century City is right in the middle of this bustling part of town.
It’s a fairly small neighborhood. Its borders consist of Santa Monica Blvd to the north, with a few parts of the neighborhood on the north side of Santa Monica. Heath Ave and Century Park E make up its eastern border.
Its southern border follows along W Pico Blvd, stopping just above Rancho Park. To the west, S Beverly Blvd goes back up to Santa Monica.
Surrounding neighborhoods include iconic Los Angeles locales like Beverly Hills, Holmby Hills, and Westwood.
Century City’s Central Location Makes Prime For Investment
Century City is within reach of some of L.A.’s most attractive features.
The coast is just six miles away. Downtown Los Angeles is just over ten miles away. LAX, the largest airport in Western North America, is ten miles away.
The best parts of Los Angeles are within reach of Century City. More people and businesses are looking to this centrally located neighborhood.
What Businesses Operate Out of Century City?
Century City’s location has been particularly alluring to business and commercial interests.
The skyscrapers in Century City give Los Angeles its signature skyline.
Originally developed on the backlot of 20th Century Fox’s earlier studios, the area has drawn in all sorts of businesses. One of L.A.’s most popular outdoor malls, Westfield Century City, is a fixture of the neighborhood. Constellation Place and the Century Plaza towers service hundreds of L.A. businesses.
Fox Studios, to this day, is an economic staple to the neighborhood’s enduring business presence.
Century City’s Strong Business Presence Makes Real Estate More Valuable
Due to the high business presence in Century City, a significant amount of capital is circulating in the neighborhood.
From the commercial space in the Westfield Century City Mall, the office space in Constellation place, to the lots on Fox Studios, the commercial real estate in Century City is impacted by these high levels of business activity.
There’s Plenty To Do in Century City
Between its great location and its high density of business operations, Century City has a substantial scene for restaurants, cafes, and nightlife options.
The Westfield Century City Mall has a movie theater and plenty of shopping options. With the Fox Studios nearby, there are plenty of hotels to service folks coming in and out of the lot.
The restaurant scene in the area is some of the best in the city, with five-star restaurants serving a diverse range of eating options.
With the Los Angeles Country Club just north of Century City and the Hillcrest Country Club to the south, Century City hits above its weight class regarding the activities available to residents and visitors alike.
Century City Is A Bustling Neighborhood Where People Want To Be
Not every neighborhood in Los Angeles can boast the cultural amenities that Century City can. It’s an active part of the city that’s generating interest from more and more people.
With so much going on here, investors can count on the real estate market of Century City to continue performing well.
What Are the Demographics of Century City?
- Population
- Employment
- Income
Population Stats
Century City is home to about 6,574 residents, a 2.6% increase from last year. More people are moving to Century City.
Most people are around 40 years old, almost evenly split between men and women. 41% of the households in Century City are occupied by families, indicating a diverse mixture between family-oriented homes and independent households.
40% of residents and about 37% have yet to be married.
Educational Stats
There’s a lot of brain power in Century City.
Most people in the neighborhood are college educated, with 41% of residents holding four-year bachelor’s degrees. The next highest educational bracket in Century City is those with graduate degrees—27%.
Employment Stats
White-collar workers dominate the Century City workforce. 95% of workers are in white-collar jobs, with about 5% of the workforce in blue-collar work.
Of those white-collar workers, the vast majority, 62%, work in the private sector. Century City homes could give its white-collar workers a short commute to work with the Century Plaza towers and Constellation Place around the corner.
About 22% of workers are self-employed entrepreneurs. 7% work for the government, and another 8% work for non-profits.
Income Stats
Century City residents are affluent.
The median income for the neighborhood is $103,045 a year. The average yearly income for Century City residents is even higher—$160,251.
The 25 to 44 age bracket earns $112,058 on average. 45 to 64-year-olds make around $113,305. Century City is a six-figure neighborhood. Even younger, upwardly mobile folks have landed commendable salaries: people younger than 25 make about $47,596 a year.
With so many business opportunities in the area, Century City residents have the advantage of living nearby to some quality employers—reflected in this neighborhood’s higher than average income levels.
Residents in Century City do well, which often translates to a more valuable real estate market as more capital is circulating the area.
Want to learn more about the factors that go into a hot real estate market? Check out our educational resources. You’ll learn the fundamentals of real estate best practices, equipping you with the knowledge you need to navigate the market effectively.
Real Estate Trends In Century City
- Property Values in Century City
- Housing Units in Century City
- Development in Century City
- Average Listings & DOM
What Are The Property Value Trends in Century City?
The median sales price for Century City homes is about $1,398,000.
Since last year, that price has increased by 22.9%—Century City property is rising.
The hottest homes in Century City may sell for as much as 4% above the list price. There is strong demand for Century City properties, and for a good reason, the strong presence of business in the area and its prime location are two factors that could be behind this increased interest in Century City.
What Are Housing Trends in Century City?
Century City has a range of residential properties available to investors: a good portion of condominiums, with some single-family and multi-family homes.
All told, there are 4,078 housing units in Century City. Renters make up 48% of the residents in Century city, the remaining 52% of residents living in homes they own.
The relative split between renters and homeowners indicates a strong potential for investment opportunities; there’s a robust rental market in Century City but an equally strong market for homes.
The amount of renters in Century City is growing. The number of renters has increased by 10% since last year, indicating that rental properties are growing in potential.
Development in Century City?
Century City saw it’s most of its development in the 1960s and the 1980s
In the ’60s, about 960 housing units were built. The amount of development declined in the ’70s, with only 741 units built. An increase in the 1980s was the high watermark in Century City development, with 977 units added to the neighborhood.
Since then, development has slowed dramatically. However, there has been a relative uptick in the last decade. Development of new housing units in the 2010s increased by 3.2% since the previous decade, with 290 new units built.
This uptick indicates a renewed interest in Century City living.
Average Listings and Days on Market in Century City
There are around 59 homes for sale in Century City, with 37 homes listed for rent. That’s slightly below average compared to prior months.
In June, there were about 61 homes sold in Century City, an 11% increase from the year before. More and more people are looking into Century City homes.
The time properties stay on the market has also dwindled, indicating increased interest in the neighborhood. Properties will remain in the market for about 33 days; that’s 18 days fewer than a year ago.
More homes are hitting the market than the year before, and they’re going much faster. If you’re interested in Century City real estate, now’s your time.
To keep up to date on market movements in Century City and beyond, follow our press page for the latest in Los Angeles real estate.
What’s the Future of Century City Real Estate?
As inflation grows and recession looms, high-value real estate assets like those found in Century City may be your portfolio’s life preserver.
Century City is a business hub. In addition to the growing interest in residential properties, there’s a strong baseline for capital in the neighborhood.
Real estate opportunities in an economically robust neighborhood can give investors the kind of long-term, stable investments that can endure a weakened economy.
Invest With The Best
Los Angeles has some of the most substantial real estate in the country, but it can be hard to get into this highly competitive market on your own.
Christina has built a strategy over forty years that has allowed us to thrive in the most hyper-prime neighborhoods in all of L.A. county.
Our team of real estate professionals has the knowledge, the skill set, and the network to connect you with the best real estate asset in the city.
Get started with Christina today and for a better performing portfolio tomorrow.
Sources:
Century City Demographics | Point2Homes