Hollywood’s Skylight gets Lit Up

Hollywood’s Horizon

In the last 10 years Hollywood’s Horizon has gone from dank buildings peppered with a few iconic building like the Capital Records building and the Hollywood Prespretarian Church, to what’s turning into the cityscape is should be and once wasover 50 years ago.  Currently there are over 30+ new projects slated for development from now thorugh the next 10 years.  That’s right, Hollywood’s resergence is finally here. If you’re travelling along the intrastate 101 one can easily see the W Hotel, Hollywood & Vine Project, and Broadway Building all awaiting their neighbor’s and friends to fill in the blanks. 

Economic Redevelopment

As the horizon of Hollywood changes, so does its redevelopment.  In the next few years, Hollywood will see the likes of Emerson College, a complete overhall of the land surrounding the Capital Records Building, PaliHouse.  As I sat through the monthly economic development committe meeting (once a month) at the Hollywood Chamber, its been eye opening just how flourishing Hollywood’s community will be in the next 5-10 years.  It’s very exciting to think this has come such a long way since the delapitation of the Hollywood Sign some 30 years ago.

What’s next for Real Estate

Now that Hollywood is firmly planting itself in the redevelopment phases of one of Los Angeles’s most iconic and recognizable micro-markets, what does that mean for home values?  Well, non of us knows what the future holds, however, even in economic uncertainty the old adage what goes up must come down, holds true for our communities onsite.  Even though prices are relatively low compared to a few years ago, they aren’t rock bottom compared to many neighborhoods throughout L.A.  The Hills are still an intrinsic value simply because, well, it’s Hollywood.  People come from all over the world to visit our neighborhood.  They snap pictures of the “sign” and wish they could live in the eternal Spring we often take for granted.   So, although $1,000,000 still seems and is a lot of money to most, it is the one of the most desired and secluded neighborhoods throughout L.A.

Current CLAW MLS status as of 5/11/2009, in zip code 90068, in the last 6 months:

Active Single Family Homes: 112

Pending Single Family Homes: 18

Sold Single Family Homes: 71

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