Christina has been banking on the hottest real estate assets in Los Angeles, California, for over four decades.
If you’re searching for the kinds of real estate investments you need to strengthen your portfolio, look no further than Hollywood, California.
Choose Hollywood, CaliforniaReal Estate
The economy edges closer and closer to recession. Inflation continues to go up in the United States and abroad. Now more than ever, investing in high-value real estate assets is the financial life preserver you need to endure the weakening economy.
Hollywood is a prime location for real estatebrokerage and realty that gets a return even in stressful economic times.
Here’s why you should consider investing in Hollywoodreal estate.
Where Is Hollywood?
Hollywood is centrally located in primetime Los Angeles.
The legendary Sunset Strip cuts right through the middle of Hollywood, leading westward to Santa Monica and the coast and eastward to downtown Los Angeles. Santa Monica Blvd, or Route 2, also bisects Hollywood from east to west, connecting it to its neighbors.
Hollywood’s Surrounding Neighborhoods
Hollywood is surrounded by some of the most iconic Los Angeles neighborhoods. The Hollywood Hills and Laurel Canyon are to the north. To the west, West Hollywood, Melrose, and Beverly Hills. Silver Lake borders it to the east, and Central Los Angeles is due south.
The surrounding areas also have substantial real estate markets, keeping Hollywood’s real estate market sturdy.
Hollywood Boundaries and Size
Hollywood’s boundaries consist of Melrose Ave and Beverly Blvd to the south. To east Hollywood ends on N Hoover St and Sunset Blvd. Franklin Ave is its most extended northern boundary, and the western border starts just as Sunset Blvd turns southwest.
All told, Hollywood is just under 25 sq miles.
Why Do People Move to Hollywood?
It’s crucial to grasp why people move here in the first place to understand the forces driving the real estate market in Hollywood.
Here are just a few reasons residents and businesses choose to settle in Hollywood and how they create a more robust, stable real estate market.
- The job market
- It’s a great location
- There’s plenty to do
Why Is Hollywood a Good Place To Find Work?
Hollywood is a symbol of the entertainment industry. People worldwide recognize the legendary Hollywood sign as the first indication that they’re in the place where dreams are made.
Millions of people have moved to Hollywood over the years to make it big in the entertainment industry, and Hollywood is where folks can get their start.
The Sunset Strip in Hollywood is home to all sorts of musical, theatrical, and comedy venues that put up new talent and superstar act alike. Netflix has two locations in the neighborhood. Paramount Studios is located nearby, as is Capitol Records.
But there’s more to Hollywood than the entertainment industry.
Tech giants are increasing their presence in Los Angeles in the wake of the Silicon Beach phenomenon. Big tech companies like Google and Meta have set up shop in the Westside with more expanding towards Hollywood.
Hollywood Is Where People Go To Make it Big in Los Angeles
Hollywood is up there as one of the most iconic neighborhoods in Los Angeles, especially for folks chasing their dreams of making it big.
This neighborhood has name-brand recognition will continue to draw in new people every year, making it one of the best places to invest in real estate in the entire city, if not the whole country.
What Makes Hollywood Such a Great Location?
Hollywood is the perfect middle ground for Los Angeles living.
Downtown Los Angeles is just under seven miles away. The beaches of Santa Monica and Venice are just half an hour away.
It’s close to some of the primary arterial roadways in Los Angeles.
The 101, or the Hollywood Freeway, is right outside the neighborhood, getting commuters connected quickly to L.A.’s roadways. Santa Monica Blvd is another primary roadway easily accessible in Hollywood, as is Western Ave for north-to-south travel.
Additionally, when you’re looking at new listings and open houses in Hollywood, you can be sure that the school district will be nice for your kids from elementary to high school.
Hollywood Benefits From Being in the Middle of Los Angeles
There’s a reason the entertainment industry is so closely associated with Hollywood: this neighborhood is centrally connected to the entire city.
Hollywood is the heart of Los Angeles. As a result, residents and businesses benefit from this ideal location; the neighborhood hosts many people coming through to see the sights and connects the locals with the rest of the city, ensuring a high circulation of capital that keeps real estate values.
What Is There To Do in Hollywood?
If there’s one thing that’s certain about Hollywood, it’s not dull.
Hollywood hosts some of the most attractive cultural and entertainment amenities in all of Los Angeles county.
The Sunset Strip alone hosts world-famous venues, from the El Capitan to the Chinese Theater. In addition to the iconic theaters and landmarks, Hollywood’s nightlife and dining scene provide residents and tourists with a virtually unending supply of hot new restaurants and clubs to see.
A townhouse or a single-family home in Hollywood makes it feasible to soak in the open sun at the beach all morning and then swing by Hollywood Blvd on the way home — you can’t do that in New York.
Hollywood Is an Entertainment Hub
Hollywood lives up to its name regarding entertainment value per sq ft.
Residents are eager to move to Hollywood for all the things to do. Businesses benefit from the people that venture into the neighborhood for something to do. Hollywood is an epicenter for Los Angeles living, from daytime exploration to nightlife adventures.
Hollywood’s appeal as an entertainment hub keeps a high flow of capital flowing through the neighborhood, strengthening the local real estate market.
Who Lives in Hollywood?
A neighborhood is more than its features that appeal to people. To get a true sense of a community, you must know the people who call it home.
By taking a closer look at some key population demographics of Hollywood, you’ll have a stronger sense of the current state of the market and its potential for the future.
- Population
- Income
- Employment
Population Stats
Hollywood is home to 62,953 people. The population of Hollywood went up 2.4% since last year—as has been the case for decades, Hollywood continues to draw a crowd.
The median age of Hollywood residents is 36 years old, which is on the younger side compared to the surrounding neighborhoods.
The majority of Hollywood residents, 59%, haven’t married yet. Married people are the next largest demographic based on marital status at 28%.
Hollywood serves a single, younger population of people.
Income
The median annual household income in Hollywood is $50.253. The average is higher, at $75,753 a year. The median and average yearly incomes are rising amongst Hollywood residents, indicating that Hollywood is becoming a wealthier neighborhood.
At these income levels, Hollywood is squarely middle-class. The most well-off age bracket is 25 to 44-year-olds, people who are either entering or well within middle age.
With more money coming into the area, especially amongst the 25 – 44 age bracket, real estate can be expected to grow more competitive. Especially as more tech money seeps in from the Silicon Beach neighborhoods, income levels and real estate property values are likely to rise.
Employment Stats
86% of the Hollywood workforce does white-collar work, and the remaining 14% work in blue-collar fields.
The majority of the white-collar residents work for private companies, 71% of them. 18% are self-employed entrepreneurs, 6% work for the government, and 5% work for non-profits.
Hollywood has a robust workforce in stable fields.
The constant draw of people moving to Los Angeles to work in the film industry coupled with the increasing presence of tech companies means that the steady, high-income jobs that are on the rise in places like Hollywood are likely to transform the real estate market here.
Check out our educational resources to learn more about the forces shaping Hollywoodreal estate.
What Are Real Estate Trends in HollywoodReal Estate?
Looking closely at critical data about the Hollywoodreal estate market, trends begin to emerge that indicate where the market is headed.
Based on these trends, Hollywoodreal estate appears to be rising.
- Property value
- Number of housing units
- Average listing and DOM
Property Value
Hollywoodreal estate’s average home sales price is $1,060,000 — $707 per sq ft. Sales prices for homes have increased considerably since last year, 11.8%. Hollywood has taken a jump in value.
At the moment, homes are selling about 2% over list price, increasing the competitiveness of neighborhood real estate.
As properties continue to rise, getting in today could net investors a substantial return tomorrow. Get started with Christina and add Hollywoodreal estate to your portfolio.
Number of Housing Units
Hollywood has 37,612 housing units. The homeowner occupies only 8%. The overwhelming majority of housing units in Hollywood are rental properties—92% of them.
Rental properties are a hot commodity in Hollywood.
After years of relatively low development, residential properties are scarce, driving their value.
Only 1,882 new units were added in the 90s; just 1,591 in the 2000s. But the 2010s saw a massive increase in development compared to the previous decade. Growth jumped up 20%, with 4,145 new units added in the last decade.
Based on this renewed interest in development, Hollywood housing is proving to be a lucrative investment opportunity.
Average Listings and DOM
There are currently 117 listings for Hollywood homes for sale and 257 for rental options, slightly fewer than expected.
Homes are going quicker. The median days on the market for Hollywood homes is around 46 days. At the beginning of the year, homes stayed on the market for about 77 days.
The Future of Hollywood
Homes are going quicker, and sales prices are going up. The Hollywoodreal estate market is in a delicate balance between a buyer’s and seller’s market.
Hollywood is a nexus for activity and has been for decades. With the increasing presence of tech companies encroaching eastward from the coast, Hollywood is likely to be one of the following neighborhoods swept up in the rising tide of Silicon Beach real estate.
In all likelihood, Hollywoodreal estate is at the tipping point, on the brink of exploding.
Invest With The Best
You don’t want to miss your chance to enter this increasingly exclusive market.
The real estate experts at Christina have the skill set, the knowledge, and the network to help you add these high-potential real estate assets into your portfolio.
Contact us to see how you can own a piece of Hollywood.
Sources:
Inflation rose 9.1% in June, even more than expected as consumer pressures intensify | CNBC
Hollywood Housing Market | Redfin