Living and Buying in Westwood & UCLA
The first mentions of Westwood development takes us back to 1880 when a town of Sunset was planned to be built. But the farthest it got was the creation of a cemetery, before the development stopped due to financial issues. The cemetery exists to this day and is the last resting place for many celebrities including Gene Kelly, Dean Martin and Marilyn Monroe. It attracts many visitors yearly. Once the city lawmakers realized it was a more profitable business serving the living, Westwood started developing its first single family homes to the south of Wilshire Blvd in 1924. Around the same time major development of University of California, Los Angeles had started, which boosted growth of the Westwood community for the next century.
University of California, Los Angeles, known as UCLA, is one of the best known universities in the world. Once the center of life in the busy Westwood, it has polished its reputation and looks, offering its residents a comfortable, safe and developed neighborhood. The campus is surrounded by a charming Westwood Village shopping area where all your needs could be covered within a range of three blocks. Whether you need a phone repair, classy outfit or have a food craving outside of normal business hours, you will most likely find what you are looking for in no time.
UCLA was founded in 1881 as a Branch of Southern California Normal School and after decades of operating as such, the legislature started lobbying for the creation of a second University in California, after UC Berkeley. Finally on May 23, 1919, the law was signed to acquire Southern California Normal School into the Southern Branch of the University of California. At the time the university was teaching 1500 students within its walls. Today, this number is roughly 47,000 students and 30,000 staff. Impressive, isn’t it?
As UCLA grew, it started offering an impressive range of academic programs, attracting students and professors from all over the world to pursue their educational aspirations. UCLA’s faculty has comprised leading scholars, Nobel laureates and industry pioneers. The university has become a hub for innovative institutes in technology, science, engineering, math and humanities, making it one of the leaders of groundbreaking research in these industries. To this day UCLA is committed to support its rich cultural heritage and academic excellence. University of California, Los Angeles is, beside all its academic institutions, also a cultural and athletic center. Iconic Royce Hall and Hammer museum showcase a mix of artistic performances, exhibitions and installations, inviting students, faculty and residents to engage in the eclectic arts life of Los Angeles. Hammer museum is a known destination for explorers of contemporary art along with the Armand Hammer’s collection, offering a glimpse into some of the most historically relevant movements in the Western Art history. Another gem for the art seekers is the Fowler Museum at UCLA where patrons can find an extensive collection of global art and artifacts from diverse cultures that shape our world. Those seeking an escape from a busy city around them can visit the Mildred E. Mathias Botanical Garden to connect with nature and enjoy a peaceful time right on campus. Westwood Village’s Fox Theater and the Bruin
Theater are frequent hosts of film premiers and popular red carpet events. Sports enthusiasts will enjoy watching a basketball, football or soccer game at the legendary Rose Bowl and Pauley Pavilion. Here, they also host a variety of NCAA Division sports and some big soccer teams for summer training sessions. UCLA campus is tightly wrapped around by the charming and vibrant community of Westwood, the neighborhood that seamlessly combines college spirit and urban sophistication. The Village itself is the heart of Westwood, where anyone can enjoy a walk to trendy boutiques, quaint cafes and a splendid mix of world cuisines offered in local restaurants. Westwood caters to diverse palates, offering iconic Diddy Riese that serves mouthwatering ice-cream sandwiches along with In-N-Out, with classic animal style burgers, and KazuNori’s original hand roll bar. Enzo’s Pizza and Onkey Ramen have become staples of Westwood culinary experiences. Bar goers will find a few great places to grab a glass of chilled drinks, like Rocco’s Tavern, Barney’s Beanery and Broxton Brewery to name a few.
In other words, Westwood has a lot to offer to its visitors and residents. It is a bright and welcoming community that boasts a dynamic blend of residents, from young students to established professionals. Such contrast of residents in the area affects the average income of the neighborhood. Usually a decent factor, in Westwood the range covers less established young professionals and students, whose income is on a more modest side, and its affluent residents who enjoy the highest standard of living. Hence, median income of $65K is almost half of its average income rate of $112K per year with variations depending on factors such as occupation and educational level. The neighborhood’s democratic atmosphere reflects its close connection with UCLA. Most people living in Westwood appreciate its lively vibe and convenient amenities. The presence of university students plays a major role in the area’s youthful and vibrant culture, diversity and beaming nightlife. However, Westwood also attracts families and professionals that enjoy a peaceful residential environment, broad tree-lined streets and a variety of housing options that range from humble apartments to marvelous single-family homes. The area is loved by families for its variety of highly rated pre-schools, public and private schools. All the institutions are offering innovative teaching methods, great teacher-student ratio and high educational ambitions.
Median house price in Westwood is about $1.3M which is a 16.7% down from last year. About 97% of all homes sell at listed price in this neighborhood and what is even more important is that the depreciation of the homes in the area is among the lowest in Los Angeles, because it is a well established high end neighborhood. That said, we should explore some major areas within Westwood to give you an insight on what you get when you buy here.
The most expensive area of Westwood is Holmby Hills, located north of Wilshire and east of S Beverly Glen boulevard. Property prices here are among the highest in the world: The lowest price is about $25M, median price for a home is about $40M and a high is about $120M. One major drive for the prices is, among others, the lot sizes which are about 10 times regular lots in Los Angeles. The home sizes compare to regular home sizes on the Westside accordingly.
Additionally, Holmby Hills offers unprecedented privacy keeping your life away from others’ eyes. Another point worth noting, is that most homes in Holmby Hills were built during the Great Depression and belonged to the most prominent residents of Los Angeles of all times.
Speaking of the most expensive housing, the area of Westwood known for its highest price per square foot for condos, referred to as Wilshire Corridor, or the Platinum Mile is located along Wilshire Boulevard just below the Holmby Hills area. Condos range from about $1.1M to $20M with the HOA fees being among the highest in town. While most high rises were built in the 1970, they are requiring higher prices for the historical value and extended maintenance each property offers to its residents. Some buildings on the Corridor have an outstanding screening process prior to approving the sale and justify it by the exclusivity status they carry for over 50 years.
Another pocket in Westwood, worth mentioning, is the Little Holmby, located directly across from the Holmby Hills and north of Wilshire Boulevard. The prices here are a bit more modest with a median at about $4.8M and are also driven by long standing historical value preserved in period revival architecture in the Spanish and American colonial among other styles. It’s hard to come across a contemporary building here, and there is barely a need for that, since a median house size is about 4,300 square feet on an 11,000 square feet lot, which is double the regular size in lower end neighborhoods around Los Angeles. People in search of more modern and also more affordable homes should look into the pocket in Westwood south of Wilshire, east of Westwood and west of S Beverly Glen Boulevards. This area was initially less wealthy and even today the median price of a home here is about $2.7M, which is a lot lower when compared to the mentioned above areas. Homes in this neighborhood are a bit less spacious and are about 2,800 square feet sitting on lots of about 6,600 square feet. In the Westwood ranking, they would be considered affordable middle class housing, while Los Angeles standards would rate it as higher middle class housing. This is the area that is undergoing a lot of changes, with older homes being demolished and newer properties of larger sizes and various styles built in their space. Which in itself is a very promising trend and will likely drive the price of homes in the area even higher in the near future.
As you see, there are many reasons to move to Westwood. It is an upscale neighborhood with a rich and diverse environment and culture. It’s got great schools and is one of the safest towns in Los Angeles. Surrounded by the most expensive high end neighborhoods like Beverly Hills, Bel Air and Brentwood, Westwood carries similar charm in its wide streets and traditional architecture. You can find larger homes and land lots in this neighborhood as well.