The Enduring Value of Location
Summer sizzled in Hancock Park and for a few weeks, I found myself thinking about real estate in places far beyond LA.
In Hancock Park, the luxury market (homes selling above $5 million) has kept pace with this time last year. Year to date, there have been 17 sales, seven above $7 million. Demand for exceptional, trophy-quality properties remains strong.
In June, 344 South Hudson recorded the year’s highest sale at $16.5 million, for nearly 8,400 square feet on just under an acre. Some readers may remember it as the Fourticq house, which sold for $8.6 million in 2015 and $7.15 million before that in 2013. A nice reminder of the enduring real estate adage: location, location, location. A home can be renovated, expanded and reimagined. Its geographic setting cannot. Neighborhood character, land and context remain fundamental to value.
Citywide, transaction volume is still below last year’s pace, but the Westside luxury market continues to show healthy fundamentals. Looking ahead, quality inventory and accurate pricing will remain important drivers of successful sales.
A Different Perspective
After LA’s June mayoral primary, I shifted my attention to antiquity, spending a few weeks exploring Athens and Istanbul. At Topkapı Palace, overlooking the Bosphorus and Golden Horn, the importance of location took on a deeper meaning. The site has been central to the history of Istanbul for centuries, passing through Byzantine and Ottoman eras while its extraordinary geography remained virtually unchanged.
Standing there, it was hard not to think about real estate: buildings change, owners & governments change, markets change but location endures.
Then I came home to Hancock Park. Our longtime postman, Ben, who has delivered mail here for 40 years, recently summed it up simply: “One of the best places there is.”
We tend to agree.
If you’re thinking about expanding, downsizing, helping a family member, or simply planning ahead, we would be delighted to listen. Some real estate decisions are consequential. Having the right perspective and the right advice can make them a little easier.
