Hancock Park is located near the Miracle Mile section of the Mid-Wilshire district in Los Angeles. Just like Bel Air estates, Hancock Park is also an affluent and exclusive neighborhood. It is located north of Wilshire Boulevard and south of Melrose Avenue. Other nearby neighborhoods include Hollywood to the north, Larchmont and Windsor Square to the east, Koreatown to the southeast, Mid- Wilshire to the south and southwest, and Fairfax to the west.
The city is named after the park the Hancock family developed with profits earned from oil drilling. Funny enough, the park is not actually within the city limits. It sits one mile to the northeast.
The 1.52 square mile area surrounds the Los Angeles Tennis Club and the Wilshire Country Club. It is close to Beverly Hills, Downtown LA, and great shopping at both The Grove and The Beverly Center. Houses in the city typically sit at a distance from the street, and their French, Mediterranean, Spanish, French, Colonial, and Traditional architecture is known throughout all of Los Angeles. Sprawling lawns and huge driveways are a staple among almost every home in the town.
There are about 1,200 homes in the area, which help house the population of 10,600 people. The area is also home to four private and two public schools.
It is great for those who want to brush shoulders with notable business people, entertainment icons, and political professionals. Don’t be surprised if you see a huge crew or a celeb or two filming in the neighborhood. Many people rent out their homes for TV and film shoots. Famous residents of Hancock Park include actor Antonio Banderas, singer Lana Del Rey, and talk show host Tavis Smiley. Prince William and his wife, Kate Middleton, also stayed in Hancock Park in 2011 on their first trip to The United States after they were married.
The median home value in Hancock Park is $3,124,500. Hancock Park home values have declined -3.3% over the past year and Zillow predicts they will fall -1.0% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Hancock Park 4.5 homes are foreclosed (per 10,000). This is greater than the Los Angeles value of 2.1 and also greater than the national value of 3.2