In Los Angeles, a city known for its car culture, an increasing number of high-end buyers are looking for homes in walkable neighborhoods, according to The Wall Street Journal’s Cecilie Rohwedder.
The shift comes as locals are growing weary of worsening traffic and high-priced parking, and as community-oriented millennials are gaining market power. Fueling the trend is a slew of new luxury condo buildings where, developers are hoping, buyers will pay a premium for proximity to urban life.
According to Redfin, an increase from 80 to 60 on the site’s “walk score” metric adds an average of $129,000 to the price of an L.A. home or condo. In Downtown Los Angeles, the most walkable neighborhood in the city, the median home price was $679 per square foot in March, over two hundred dollars over the city-wide median of $449. MacArthur Park, which scores second-highest on Redfin’s scale for walkability, has a median price of $471 per square foot.
Los Angeles is also encouraging car-free living through infrastructure improvements. The city has extended its public transportation network, widened its sidewalks, and encouraged construction near transit hubs.Read More