|If you’re a true food and drink aficionado, why not live close to the choice dining districts in Los Angeles? With the LA real estate downturn in full dive mode, many price prohibitive areas are now much more affordable, especially for condos. So LA foodies take notice: Now’s the time to move even closer to your true love. Food, that is.|
For the most popular Los Angeles dining spots, surf the Web over to Citysearch.com. You’ll quickly find that the Beverly Hills, Hollywood, Los Feliz/Silverlake and Santa Monica areas of LA are at the top of the local dining lists. By the way, if you’re looking for a quick reservation (especially during holidays like Christmas), the quickest way to find out who’s open and reserve a table is at Opentable.com.
To show you how affordable it now is to live close to some of the most beloved LA dining districts, here’s what pricing now looks like (as of November 2008, compared to the same time in 2007):
Beverly Hills: Of course you’ll pay a premium to live near world-famous Spago, in 90210 territory. Even if your budget is more in league with Luau Beverly Hills, however, condos for sale in Beverly Hills have come down as much as 40 percent in some areas to between $600K and $800K, depending upon their amenities. Homes, however, continue to appreciate in this ultra-exclusive home of the world's wealthiest.
Hollywood: Whether it’s California Mediterranean cuisine at Lucques, Italian at Osteria Mozza, or Sushi on Sunset, Hollywood has many choices to offer food lovers. The prices of condos for sale in Hollywood have declined by over 34% in some areas, to the low $400Ks. Many homes for sale in Hollywood and West Hollywood are now priced 13% to 47% lower than the same time last year. Expect prices in the mid $500Ks in lesser neighborhoods and under $1 million and up in nicer locales.
Los Feliz/Silverlake: Some of the most exciting new restaurants, from a foodie’s perspective, are popping up in this part of Los Angeles, with names like CRU Vegan Cuisine and Michelangelo. Condos near the 90027 zipcode are selling now in the high 500Ks and up, while home prices average just over $1 Million and up.
Santa Monica: Santa Monica is home to New American and French cuisine at Melisse and informal Italian at Riva Restaurant. Two bedroom condos nearby are selling for $600K to $650K , a discount of 8 to 12 percent from last year. Expect a larger discount on a home compared to last year -- as much as 33%. Hoewever, the price tag will stil be $1 million and up.
As you can see, it’s still not cheap to live the life of local LA foodies. If you’re a determined bargain hunter, however, you can find a way to lock in a low home price and enjoy a view of LA cuisine heaven.