Beverly Hills is an iconic city that attracts millions of tourists from around the world yearly. It is one of the most glamorous places in the world to shop, dine and live.
Being part of the “Platinum Triangle”, Beverly Hills homes are for those with a taste for affluence. Beverly Hills is adjacent to two other affluent neighborhoods in the Westside area of Los Angeles, Holmby Hills and Bel Air.
Beverly Hills real estate sits against the foothills of the Santa Monica Mountains on the north side. It is bordered by Westwood on the west side, West Hollywood and the Fairfax District on the east side, and the 10 freeway on the south.
The city is divided into two sections, the flats and the hills. The flats is south of Sunset Blvd., while the hills is north of Sunset Blvd. Homes in the flats tend to be smaller in size and lot space when compared to the hills. The lot space in the hills typically ranges from half an acre to five acres or more. The flats is desired for its proximity to fantastic places to dine and shop, while the hills is desired for its city and canyon views.
Beverly Hills is extremely family friendly, and is the site of twelve great public and private schools.
The climate is fantastic with an average August temperature of 85 degrees Fahrenheit, and an average January temperature of 67 degrees Fahrenheit.
The city is home to many celebrities, world famous Rodeo Drive, and the 90210 zip code. It has also been the site of multiple movies and TV shows including the Beverly Hills Cop movies, The Real Housewives of Beverly Hills, and Troop Beverly Hills. Notable residents include Charlie Sheen, Lisa Vanderpump, and Melissa Rivers.
The median home value in Beverly Hills is $3,187,100. Beverly Hills home values have gone up 16.8% over the past year and Zillow predicts they will rise 6.1% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Beverly Hills 0.8 homes are foreclosed (per 10,000). This is lower than the Los Angeles-Long Beach-Anaheim CA Metro value of 1.7 and also lower than the national value of 3.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Beverly Hills is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Beverly Hills homeowners underwater on their mortgage is 0.0%, which is lower than Los Angeles-Long Beach-Anaheim CA Metro at 0.1%.