Hollywood is world-renowned for it’s sophistication and historical significance as the epicenter of American entertainment. The area is situated to the south of the Hollywood Hills, the southeast of Los Feliz, the west of East Hollywood, the east of West Hollywood, and north of Hancock Park.
Although many of the movie studios left Hollywood some time ago, it is still a great place for people in the entertainment industry. It is quick to get to any of the studios in Burbank and the surrounding areas by jumping on Hollywood’s 101 freeway. Plus, the city also hosts the majority of red carpet events for the entertainment industry, including the Academy Awards.
Hollywood real estate is some of the most desired in all of Los Angeles. The area is always bustling. People flock from all over the world to see the Hollywood Bowl, the Walk of Fame, the view from Runyon Canyon, and, of course, the Hollywood sign. There are also world famous restaurants and nightclubs frequented by many A-list celebrities. Hollywood is a place to see and be seen.
In the 1980’s the area fell into disrepair. However, it has been revitalized in the last few decades, and the population is increasing at a rapid rate.
There are a variety of homes in the Hollywood area. Residents can choose to live in the hills, the flat lands, or penthouses. The hills are a great option for those looking for privacy and a great view. The lot size of homes in the flat lands can be small. However, they are closer to many conveniences than homes in the hills. Styles range from classic to contemporary to mid-century modern. Hollywood penthouses allow residents to be right in the middle of all the action.
Hollywood is also family friendly and boasts seven private and 13 public schools.
The median home value in Hollywood Hills is $1,674,100. Hollywood Hills home values have gone up 4.2% over the past year and Zillow predicts they will rise 1.3% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Hollywood Hills 1.3 homes are foreclosed (per 10,000). This is lower than the Los Angeles value of 2.1 and also lower than the national value of 3.2