Thinking of buying a Condominium in Westwood (Los Angeles) CA?
There are many things you need to be aware of when buying a Condominium in general. The purpose of this post is to make you aware of the location and the pros and cons of buying a Condominium in Westwood, which also happens to be the home to UCLA. To many people it conjures up one of the more famous school sports rivalries in the country: UCLA vs. USC that has existed here in Los Angeles seems like forever. USC is recognized as consistently being one of the top football programs in the nation, while UCLA is recognized as consistently being one of the top basketball programs in the nation a perfect recipe for school rivalries.
The two schools are only about 15 miles apart from each other, but in Real Estate terms it is as large of a divide as the Pacific Ocean.
UCLA is in one of the more expensive parts of Los Angeles. It is bordered by Brentwood, West Los Angeles, Bel Air and Beverly Hills to give you an idea. Location wise, it is in prime real estate. There are many Condominium Buildings near UCLA. There are very few dormitories offered to the students, hence a three to four mile radius from UCLA is almost an extension of the Campus by way of leasing housing as well as purchase housing, which consists of mostly Condominiums.
Hence, it is critical that you are familiar with the building you are considering purchasing. If you want to use it as an investment property to generate income targeting the UCLA students vs. if you want an investment property targeting the upwardly mobile of West Los Angeles residents, who are either not in a position or choose not to buy, but rather rent. It will make a huge difference which Condominium Complex you will buy. If you are considering buying for yourself, it will be equally critical which building you choose, depending what your needs and preferences are will determine this.
Now with that said, it is also critical that you have a knowledgeable Realtor, who can guide you to the right Condominium Complexes; otherwise you will be very disappointed. Since the average two bedroom Condominiums range from the mid $400k to the high $800k, it is even more important which complex you end up buying in.
Just as an example, I would like to share with you, that I have had showings, when my buyer wanted to see the Sauna, we discovered, that it was being used as low income rental. Keep in mind, he understood the situation, since he was a graduate of UCLA and wanted to buy for investment. He even told me a story about how they kept extra keys in the mailbox and were subletting the unit by shifts i.e.: morning, afternoon and evening :)
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Playa Vista, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations
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