Market Conditions for Beverly Hills, California Reported by Birthe Dooman, REALTORŪ, e-PRO, REC Updated July 14, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

The CITY OF BEVERLY HILLS remains a popular place to visit if seeking luxury and exceptional living as it offers the very best in hotels, shopping, dining, hospitals and public services. Its public schools, Library and Civic Center are outstanding and so is the public parking and transportation systems.

Prices are high in Beverly Hills where many large expensive mansions are on the market for a long time -- unlike in other areas on the Westside where properties are listed at comparable market prices and thus selling in a shorter time. Those homes that are staying on the market for a very long time are especially those that are either overpriced or very unique.

Although the population of Beverly Hills is only 34,000 there are approximately 900 retailers and many famous entertainment companies with offices here and the City has close ties to the entertainment industry. Often the daytime population is around 200,000. It is convenient to the beaches as well as to downtown Los Angeles, the L.A. Convention Center, Los Angeles International Airport, Century City, UCLA, Hollywood, the Getty Museum and it is also within an hour's drive of Disneyland, Universal Studios, and many other Los Angeles attractions.

Climate: Beverly Hills enjoys a dry, Mediterranean-like climate, with virtually no rain between May and October, low humidity and lots of sunshine, palm trees and swimming pools -- no wonder I never went back to live in Denmark!!

Info for visitors re what to wear when visiting: Beverly Hills means casual elegance and just about anything goes. Sportswear is acceptable by day, dressier clothes are customary evening wear in some hotels and a few restaurants prefer jackets and ties for men and dresses or pantsuits for women. A sweater or lightweight jacked is recommended for cool evenings in the summer. During November to April, warmer clothing may be necessary. The weather recently has been somewhat unpredictable though.

New Construction: The City of Beverly Hills Gardens Building is the City's latest development project as a part of the Montage Hotel project. It is a three-story building of approx. 25,000 sq. ft. offering retail, restaurant and office space for lease. There will be on the second floor over 2,000 sq. ft. of exterior balcony area which overlooks lush gardens. The project is located in the Beverly Hills Business Triangle just north of Wilshire Boulevard with entries from both Beverly and Canon Drives.

Projected Projects: The City of Beverly Hills provides an "Active Project List" for commercial and residential properties. Here are a few projected projects from that list:

* 9900 Wilshire Blvd. (Robinsons-May Site) is a proposed mixed-use project consisting of 252 residential condominium units, including 35 lofts and town homes, and 20,000 sq. ft. restaurant and retail space; two 12-story buildings on the west side, and two four-story loft buildings on the east side of the property; 966 subterranean parking spaces.

* 9590 Wilshire Blvd. (southeast corner of Wilshire and Peck) Residences at Saks. This is a proposed zone change/general plan amendment for a 20-unit, 7-story mixed use retail/condo structure with 49 parking spaces; first floor retail (12,000 sq. ft.) fronting on Wilshire; Proposed 40-unit, 3 and 4-story condo with 295 parking spaces for the condo units and retail component of the mixed-use building.

* 9876 Wilshire Boulevard Proposed Beverly Hilton Revitalization Plan. The proposed project will consist of two hotel components. The existing 352-unit Wilshire Tower will remain, and a new hotel, The Waldorf Astoria, would be constructed at the intersection of Wilshire and Santa Monica Boulevards. The existing conference and retail space fronting on Wilshire Boulevard would be removed and replaced with a new 3-story hotel building and conference facilities. Two new condominium towers would be constructed along Merv Griffin Way.

Architectural Commission: Beverly Hills has a seven-member Architectural Commission which is appointed by the City Council to make decisions regarding the aesthetics of development in all commercial and multi-family residential areas of the City. It does NOT have jurisdiction over development in single-family residential areas, public schools in the Beverly Hills Unified School District, or public parks.

The present mortgage rates (US averages) as of July 14 2009 per Realty Times is: 30 year fixed: 5.32%; 15 year fixed: 4.69%; 1 year adjustable 4.82%(U.S. Weekly Averages based on 30-year amortization rate. These days banks are looking for Buyers with great credit scores (FICA score of at least 720) to get a good deal, and with a 20% downpayment if their income warrants it. It is advisable to keep credit card balances below 35% of their credit line for getting a top FICA score.

Current Listings in the City of Beverly Hills:
Homes: 132 ranging from $630,000 to $28,500,000 (& 1 for $60M)
Condos: 87 ranging from $525,000 to $4,495,000

June 2009 sales:
Homes: 13 sold ranging from $1,225,000 to $7,800,000
Condos: 5 sold for $460,000 to $2,125,000

Homes were on the market for an average of 88 days
(Average Sales Price/Average List Price: 87.1%)
Condos were on the market for 38 days
(Average Sales Price/Average List Price: 87.3%)

The BEVERLY HILLS POST OFFICE area is to the north, in the foothills of the Santa Monica Mountains, which borders the San Fernando Valley to the north and the City of Beverly Hills below. Although the zip code is the same as that of the City of Beverly Hills (90210), Beverly Hills Post Office residents are primarily part of the Los Angeles Unified School District. Likewise, they do not receive the services provided by the City of Beverly Hills, such as police, fire or schools as reported in a Los Angeles Times article.

Current Listings in Beverly Hills Post Office:
Homes: 166 ranging from $699,000 to $36,000,000

June 2009 Sales in Beverly Hills Post Office:
Homes: 14 ranging from $832,000 to $3,500,000
(there were no condo sales).

Homes in Beverly Hills Post Office were on the market for an average of 62 days.
(Average Sales Price/Average List Price: 70.5%).

All statistical information is based on data supplied by the Combined Los Angeles Westside Multiple Listing Service. Data accuracy cannot be guaranteed and may not reflect all real estate activity in the market. Source of Information: Combined Los Angeles Westside MLS. Information deemed reliable but not guaranteed.

ZIP Codes: 90210, 90211, 90212

Approximate Location Boundaries: Bel Air, Holmby Hills to the west, Sunset Strip and the foothills of the Santa Monica Mountains to the north, Miracle Mile to the east, Beverlywood north of Olympic Blvd. to the south.

Location Characteristics: In Beverly Hills 90% of the City is zoned for residential. It is a safe place to live, and it is also a cosmopolitan center attracting visitors from points around the globe who come to the chic and exclusive boutiques along Rodeo Drive & Via Rodeo. This area have a European appeal and the same designer shops seen in many European capitals.

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