Which Westside neighborhoods are “hot” right now and which are cooler?
Based on Q3 data and our on-the-ground experience: Hot neighborhoods include Cheviot Hills/Rancho Park, Mar Vista, Culver City, and the mid-range pockets of Palms/West LA. These areas offer relative value (homes in the $1.5M–$2.5M range, which is entry-level for Westside SFRs), and they are seeing quick sales and lots of buyer interest. Cheviot Hills in particular was a standout, homes selling faster than last year because families want those good schools and central location.
Santa Monica is also hot, especially north of Montana Ave and even the condo market near the beach, because it attracts international and tech money and had that surge in Q3. Anything move-in ready in Santa Monica was snapped up. On the cooler side, we have the Wilshire Corridor condos, some high-end Beverly Hills Flats properties, and Downtown LA condos (though Downtown isn’t Westside, many Westside investors look there). The Wilshire Corridor (Westwood) has a glut of older luxury condos – buyers have options and leverage there. Some high-end homes ($10M+) in Beverly Hills Flats or Bel-Air that aren’t A+ can sit for a while – the ultra-luxury buyer pool is thinner and picky, especially with the mansion tax in LA potentially damping some sales (note: LA implemented a “ULA” mansion tax in April 2023 on sales over $5M, which made some sellers pull listings or think twice).
Venice is somewhere in between: very hot in the sub-$2M range (e.g., cute remodels in East Venice) but a bit cooler in the uber-expensive canal-front homes. Brentwood is steady – not cold by any means, but buyers there did negotiate a bit more than in Santa Monica. And Pacific Palisades was slower due to the factors discussed, but I expect it to heat up as inventory returns. So broadly: entry- to mid-level Westside (where most buyers are active) is hot; the ultra-high-end is cooler but stable; and certain condo-heavy areas are soft. If you’re buying, the “cool” markets might present opportunities (e.g., some deals in luxury condos or estates where you can negotiate). If you’re selling in a hot market, you can be more aggressive on price (though don’t overdo it).