As thousands of displaced residents from less affluent areas seek new homes further east, a frenzied real estate market is erupting in nearby upscale Westside neighborhoods like Brentwood and Santa Monica. Low inventory, skyrocketing rental costs, and intense competition are driving a significant shift in housing patterns.
Even as the thousands of displaced residents of less affluent areas like Altadena are forced to relocate even farther east, high-end Westside realtors are facing massive, price-raising demand for homes in such nearby tony areas as Brentwood and Santa Monica. “We’re seeing anyone that has a family or kids that went to the public schools pretty much want to stay on the Westside,” says Michelle Schwartz of The Agency.This has unleashed chaos at open houses in the area.
Leases for family homes in Brentwood and surrounding neighborhoods are prohibitively expensive. “We’re seeing probably anything that’s $20,000 and below is being snatched up,” Schwartz says. “People are looking as high as $100,000.”Such considerations are swaying many to move to Bel-Air, Beverly Hills and Century City and seeking condos rather than houses.
While many Palisadians are wary of moving to the supposedly déclassé Valley, realtors believe many will end up buying there, especially in idyllic communities like Calabasas. “You get a lot for your money in the Valley,” says Ambuehl. “So it’s a great alternative for families right now.”
WILDFIRES HOUSING WESTSIDE LOS ANGELES REAL ESTATE MARKET
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