Below is a Post from Ewing and Associates Broker, Roger Ewing in Regards to Our Interview with the Hollywood Reporter.
Why Celebrities Like Justin Bieber Are Flocking to L.A.’s Suburbia
By: Roger Ewing
In a recent spread by the Hollywood Reporter, two of our agents, Dana Olmes and Jeff Biebuyck were interviewed in regards to celebrity real estate. As of late, many celebrities have moved to Los Angeles suburbia so the magazine looked to gain insight on this trend. Having had many high profile clients, Dana and Jeff were able to offer reasons for relocating to the suburbs.
They cite privacy, safety and property value as the driving factors behind these decisions. Beyond that, areas such as Calabasas and Hidden Hills are renowned for their school systems and welcoming communities. Former mayor of Hidden Hills, David Stanley stated, “It’s a time warp. We have no sidewalks or street lights. People are out walking, the kids gather at the community center to swim and BBQ, and once a year we put on a parade to celebrate the founding of our city — marching bands and all.”
This new trend is forecasted to have a positive impact on real estate throughout the area. Even though the economy is still in recovery, Jeff believes that celebrity names will encourage more property purchases in the suburbs. “They think if it’s good enough for them to live here, then it must be good enough for us.”
There is one problem with the recent rush to suburbia though – low inventory. Dana commented on the demand increase of homes in the area, “We’d be lying if we said we’re doing gangbusters, but the inventory is low right now.” She predicts that this will ultimately result in an uptick in prices. The increase may prove beneficial to sellers but will most likely be unideal for future buyers.
Over the past few months, both agents noted that they have seen a rise in showings at their properties in the area (seen below). Some of their most notable homes once housed singer, Britney Spears (Prado de Los Suenos) and top entertainment licenser, Al Ovadia (Bridle Trail).
We’re very excited that Dana and Jeff took the opportunity to share their thoughts on the market and look forward to their future successes.