“Walkability” is the newest hot amenity in luxe living

Buyers seek out homes in walkable neighborhoods

Los Angeles /
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

arrow_forward_ios
5001 Wilshire Blvd. (Getty, 42 Floors)
From retail to residential: Apartment complex may replace strip mall
From retail to residential: Apartment complex may replace strip mall
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
A rendering of the 88-unit apartment complex in Koreatown (Rendering via Kevin Tsai Architecture)
88-unit Koreatown apartment complex planned
88-unit Koreatown apartment complex planned
Nick Nashanian filed plans for a new apartment complex at 5953 North Hazeltine Avenue in Valley Glen. (LinkedIn; Google Maps)
Developer plans Valley Glen apartment complex with affordable component
Developer plans Valley Glen apartment complex with affordable component
Sola CEO and founder Martin Muoto. (Google Maps)
Sola Impact plans 84-unit apartment project in South LA
Sola Impact plans 84-unit apartment project in South LA
The lot at 3200 S. La Cienega Boulevard in West Adams. (Google Maps)
Developer files for 254-unit West Adams complex
Developer files for 254-unit West Adams complex
The lots of land to be developed to affordable housing (Google Maps, Los Angeles Transit)
Developer plans 75-unit affordable complex in Pico-Union
Developer plans 75-unit affordable complex in Pico-Union
Ben and Jonathan Rocca (Google Maps)
Rocca Development plans 81-unit rental complex in Hyde Park
Rocca Development plans 81-unit rental complex in Hyde Park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...