“Walkability” is the newest hot amenity in luxe living

Buyers seek out homes in walkable neighborhoods

May.May 12, 2018 01:34 PM

The newest luxury in Los Angeles real estate is this thing called walking.

In a city known for its car-friendly culture, luxury home buyers are gravitating toward walkable neighborhoods close to urban attractions, the Wall Street Journal reported.

“There are days when I don’t touch the car,” said David Henry Simon, a lawyer and real-estate investor originally from New York who bought a 2,600-square-foot condominium last summer at the Montage Beverly Hills. “It’s just like when I was growing up in Manhattan.”

While luxury living in L.A. for many still means a home in the hills with a pool and garage, condo developers are looking to lure buyers closer to downtown with a slew of new luxury buildings.

“Things are changing in L.A.,” said Cory Weiss, president of western region development marketing for Douglas Elliman. “People are flocking to new developments in areas where they can walk.”

Douglas Elliman is marketing six “vertical living” condo buildings, including Ian Schrager’s Residences at the West Hollywood Edition, which has 20 units starting at $5 million.

And according to “walk scores” ranging from 1 to 100 that Redfin calculates for neighborhoods, areas that see a boost in walkability from a score of 60 to 80 add an average of $129,000 to a property’s value.

Downtown L.A., which has the highest walkability score, had a median home price of $679 per square foot in March, significantly higher than the citywide median of $449 per square foot. [WSJ] — Rich Bockmann

Related Articles

500-512 S. Union Avenue (Credit Google Maps and iStock)

TOC project with 85 units planned in Westlake

Ben Miller, Fundrise CEO, wants to change this car clinic into an apartment building (Credit: Google Maps)

Fundrise proposes South LA apartments in the land of OZ

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

The car wash at 1666 N. Vermont Avenue (Credit: Google Maps)

Former car wash owners propose 139-unit development in Los Feliz

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

Developer Pinyon Group’s 468-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park