Neighborhoods In The Blink Of An Eye: Hollywood
Let’s look at this weird and at the same time magical place from a context of real estate values.
Development of this part of town started around 1853, but back then these lands were known as agricultural. Around the turn of a century there were approximately 500 people living there, when Los Angeles as a city has already surpassed 100,000 people mark. Consequentially, with addition of a water supply problem that Hollywood and other areas around town had back then, being annexed by a big brother, Los Angeles, was only a question of time.
Better rail system connected now the neighborhood of Hollywood with Downtown, dramatically cutting down travel time from previous two hours. Prospect Avenue became Hollywood Boulevard, famous Hollywood Hotel was constructed in the beginning of 20th century, but in reality the needle here was moved by an arrival of a movie industry, seeking asylum from Thomas Edison’s patent rules.
Golden Era of filmmaking became a golden era of Hollywood as a neighborhood. It lasted few decades, after which this area had to go through a massive adjustment period, just like movie industry had to adjust to new rules and new competition from TV. For a while Hollywood was quiet from a developmental standpoint, but arrival of new TV giants like Netflix sparked another wave of interest in this part of town, and now Hollywood is on a way to its former glory.
Single Family Home Price Range: It’s still possible to find a tiny bungalow here for a price of a condo (which is just above half a million, anyway), but conventional home with few bedrooms and at least a thousand square feet would likely cost you over a million dollars. It’s still not the most popular area in town for developers of single family homes, but few new constructions that pop on a market in this area do sell over $3M nevertheless. It’s important to say though that Hollywood is one of those areas that offer great options for condo living, including new homes and beautifully restored condos and historic lofts.
Condo Price Range: Having a choice between numerous new constructions on one hand, and some amazing renovations of historic buildings on other hand, living in a condo in Hollywood could and would be fun for you. Young crowd wants to be in Hollywood again, and developers are making sure to provide a lot of supply for this growing demand. You can find yourself a great place with a character for around, or even under $1M mark. However, if you do need something exceptional, and you can afford it, you can live right on a famous Hollywood Boulevard, next to your favorite YouTube sensations, with explosive views from that penthouse. Be ready to pay thousands of dollars a month in HOA dues though, and prepare up to $7M to pay for that luxury as well, please.
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