Beverly Hills Flats 90210 Real Estate Market update January 2014 & driving tour homes for sale.
Hi everyone! It’s Christophe Choo with Caldwell Banker Previews International in beautiful Beverly Hills, California. Well, it’s a gorgeous January day, our traditional clear skies, palm trees and sunshine. But I thought I’d take you on a little educational tour of parts of the flats of Beverly Hills.
So the flats of Beverly Hills are probably one of the most popular areas of Beverly Hills, the city of Beverly Hills that is, 90210. And the flats is essentially streets east to west from Doheny Drive on the east to Whittier on the west to Sunset Boulevard on the north to Santa Monica Boulevard on the south.
Very popular, since we have a lot of foreign people that like to purchase properties here, or people from out of state, they like to have vacation homes in Beverly Hills to get away from the cold. I know it’s freezing cold around the rest of the country. So it’s a great place because people love to drive and I mean, to walk to Rodeo Drive or the restaurants, the stores, it’s a really, really optimum location if you want to walk to the part of the city which is literally right off of Santa Monica Boulevard in the low side.
So the blocks are 500 to the 900 block and they do get more expensive as you go north. So the 500 block is one price range 600 block, 700 block, 800 block on up. So the prices do go higher, the lots tend to be a little bit larger as you go on up to the price ranges. So I am here actually on Canon Drive and actually there was recently a sale here on Canon Drive for 7.3 million and in the last six months there have been actually 35 sales here in the Beverly Hills flats zone.
Average price has been about 6 million and entry level today in the flats is about 4.1 million for 4.1 million you get an older home, typically a tear-down on a 12, 13,000 foot lot. The highest sale price in the last six months was the old former Kirk Douglas estate, which is on a little bit over an acre of land and that sold for 15.4 million.
So, that is one of our parks here in Beverly Hills. that’s the Will Rogers State Park and a beautiful fountain in there and that used to be the front grounds of the Beverly Hills Hotel which is over there in the background So that’s kind of interesting. So again six million’s the average price right now on the flats.
You know, we’re looking on average about $1200 per square feet foot and in terms of land if you are lucky enough to find an acre of land or I shouldn’t say, there is no acres of land available but if you find old tear-down on an acre, you’re looking in to pay between 10 to about 15-16 million for that piece of dirt here in the flats of Beverly Hills it’s on par with Holmby Hills, on par with Bel Air.
They’re all in the three areas of the platinum triangle, they’re all roughly about the same price price ranges. So average market time right now is about 84 days here in the flats and we have about a 73% absorption meaning that basically 73% of all of the homes that have been sold, 73% of all the inventory that’s come in the market is actually sold.
Since a very, very strong market here in the flats of Beverly Hills in a popular market. So we’re here on Camden just showing you, some streets are pine tree lined, some are palm tree lined, this is lined with what looks like magnolia trees. So you have lots of diversity in our flora and fauna of these various streets here in the flats of Beverly Hills.
So a really, really great location and again very popular, I think most buyers who come to LA do start their search in the flats because it’s where they like to start and where most people really want to be here in Beverly Hills, in the main city area, at least in the general under 10 million dollar range.
Once you’re over 10 million there are better locations than the flats themselves just north of Sunset and for example, Madonna’s home just recently sold for 19.8 million. That was on a little bit over an acre, a flat lot on Sunset Boulevard. And that was actually one of her third homes in LA. So anyways, we’ll all wait and see what she’s going to buy next, she’s here all the time.
Anyways, hope you enjoy this little little tour of the flats of Beverly Hills. You did a little education on what’s going on and in terms of current listings is about 12 on the market average price asking right now is about 8 million. So, that’s my little tour today and hope you enjoyed it and I’ll see you all real soon.
If you’re looking to learn more about Beverly Hills real estate and the market, check out our website christophechoo.com. We’ve got all the buttons for all the different areas, market reports, all the active listings, all the sold properties, everything you need to know about Beverly Hills, Bel Air and the west side of Los Angeles is all on our website, so check it out.