As May 2021 opens, the question could be asked, Where is Wealth Going?
Answer: Wealth is Moving OUT !
Luxury property owners are moving from dense metropolitan centers not only here in Los Angeles, but in large cities across the nation. There’s no surprise that New York led the stampede, but surprisingly -- even with our fair weather and outdoor lifestyle, LA is moving outward as well. Typically it’s to Malibu or Palm Springs, even Santa Barbara and Laguna, or our mountain areas Lake Arrowhead and Big Bear. The past year has seen double and triple figures of moves from LA to these outward bound destinations.
But Wealth is also moving around, if not out. An example is the new abundance of estate homes selling at record prices in neighborhoods some West-siders have never visited, like Silverlake ($39M), Pasadena ($25M & $49M), Hidden Hills ($22M) and ranch properties in Ojai or Ventura County. Buyers seek larger land sizes, more privacy, more security -- there’s a run on available homes in every gated community.
Homeowners who are staying put are still opening up windows to become French doors to allow indoor/outdoor flow, or building sheltered backyard spaces where guests can sit in fresh air and feel comfortable given all that has been learned during the Pandemic.
Mother Nature once more teaches us the basic value of fresh air, for our health, perhaps even survival. Whatever home environment exists, dwellers have taken more care to open it up as much as possible to bring in this wonderful Southern California weather and climate. Enjoy!
-Ernie
