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Mary Fitzgerald
Purchasing a property is a truly daunting task, and with the ever-changing landscape of the housing market, it’s becoming increasingly competitive.
In a new series, we’re looking at what $250,000 can buy you in markets across the US - and the difference are, of course, wild. Why $250k? Well, that’s about the ballpark amount that a typical first-time buyer spends.
The Los Angeles market reached an all-time high in May 2021, after home prices rose yet again. According to Realtor.com, stats suggest that more people are looking to buy than there are homes available. Given the supply-demand balance, the median price rose by a notable 31 per cent in Los Angeles County, while sales increased by 80.7 per cent.
When it comes to finding a deal on the LA property scene, there’s one person to call: Mary Fitzgerald.
She’s one of Selling Sunset’s most ambitious real estate agents, whose passion for property prompted her to pause her very own wedding with Romain Bonnet to sell the French estate where their big day was hosted.
Before starring on the hit Netflix series, Mary sold real estate across London and New York. She has since contributed to the staggering success of The Oppenheim Group – which have totalled over $1 billion in sales.
Having sold homes to the likes of Orlando Bloom, Ellen DeGeneres and Nicole Scherzinger, The Oppenheim Group cover some of LA’s most prestigious areas such as Hollywood Hills, West Hollywood, Bel Air, Malibu, Beverly Hills, and the Sunset Strip.
When asked which is preferable out of location or space, Mary told indy100, “The saying is accurate, and my answer is the same... Location, Location, Location!”
Mary emphasised that there’s no better time than now to join LA’s property ladder, as she advised taking advantage of the low-interest rates. “The stability of the housing market in this area of LA is overall steady with values rising. If a buyer finds a home in a great location at a fair price, my answer ninety-nine per cent of the time is to buy!”
Having an experienced agent will positively impact and advise buyers through the process. “Buying a home is the largest investment most people will make in their lives, so understandably buyers experience a bit of stress throughout the process”, Mary said. “A good agent will anticipate this reaction and have the ability to both manage expectations and the willingness to reassure and guide as needed throughout each step of the purchase process.”
Appealing zip codes come with not-so-appealing price tags, unfortunately. The current median cost for an LA Metro home is a hefty $799,262 – which is predicted to rise by 18 per cent in the next year. Buying a property in LA with a lesser budget isn’t entirely impossible – though potential buyers may need to be flexible with their desired location.
“LA comes with a hefty price tag overall compared to other US cities – even when located within some of the less desirable areas of Los Angeles”, she said.
“There is nothing available in the nicer areas of LA for under or even close to $250k”, Mary added. “It’s actually rare to find even a small condo for under $500k!
There are other nice and booming areas such as Sherman Oaks, Studio City, & Encino if needing to stay closer to central LA” – though a three-bedroom home could still set you back $1.5 million!
So, what exactly can $250,000 buy you in Los Angeles?
$249,000Zillow
Homes in the hills start in the millions.
In true LA style, $250K in an enviable zipcode can get you... land. And, even this is considered a bargain with $1,000 to spare.
This West Hollywood lot boasts 5,303 sqft space for potential buyers to build their dream home tucked away on a desirable address on Hollywood Boulevard. It offers “awe-inspiring panoramic Southern California views” with luxury shopping just a stone's throw away.
Fans of the Amazon Prime series, Bosch, will appreciate the property’s location to Harry Bosch’s memorable home, which he purchased from the proceeds of a movie deal.
Although construction might be tedious due to the location being on a steep hillside, the upside potential can pay off.
$215,000Zillow
Just a hop and a skip from Hollywood, up the 101 freeway, you enter the Valley. The Valley is a great option to get “bang for your buck”, as lots are larger for a lesser asking price than a property in West Hollywood.
$215,000Zillow
This ground-level condo offers manicured grounds, two laundry rooms and is complete with all kitchen appliances.
Just one problem: This is a complex for people aged 55 and older.
$229,990Zillow
Most native Angelinos will agree that they do not consider Lancaster a Los Angeles neighborhood – but it is technically in the county.
The $229,990 cost of this quaint two-story townhouse in Desert Hills community is quite a rarity.
It offers three bedrooms, 2.5 baths, and 1,210 sq ft of living space for potential buyers to enjoy. As well as a private courtyard, balcony, upstairs deck, and 2-car attached garage, the gated community also offers a tennis court, pool, and spa.
So, it’s pretty slim pickings for $250k in LA.
And to underline just how little $250,000 amounts to there, that’s typically the starting monthly payment for some of the city’s fanciest abodes.
Check out some of the luxury offerings below...
$250K a monthJonathan London and Jon Konuk @ Compass / Photographer - Anthony Barcelo
The world’s most exclusive zip code, 90210, comes with a hefty price tag. You can lease this Mediterranean estate in prime Beverly Hills for $250K a month – yes, a month.
$250K a monthJonathan London and Jon Konuk @ Compass / Photographer - Anthony Barcelo
Seconds away from the Beverly Hills Hotel, this 25,000 sq ft multimillion-dollar mansion is complete with eight bedrooms, a whopping 14 bathrooms, a full-length swimming pool, spa & massage rooms, a 15-person cinema, a bowling alley, poker room, and a vast wine cellar and tasting room.
$250K a monthJonathan London and Jon Konuk @ Compass / Photographer - Anthony Barcelo
$250,000 a month (in Fall/Winter) Realtor.com
Malibu’s luxurious oceanside homes date back to the Golden Age of Hollywood. The Colony, Malibu’s most desirable gated neighborhood, is home to some of the world’s biggest stars.
From Leonardo DiCaprio to Courteney Cox and Lady Gaga, this property, designed by Richard Landry, one of Architectural Digest’s top 100 architects & designer’s in the world, boasts five bedrooms complete with en-suites plus a further two guest bathrooms.
$250,000 a month (in Fall/Winter) Realtor.com
This immaculate home provides a 1,200 sq ft rooftop deck, complete with an outdoor lounge, spa, kitchen, bar and panoramic views of the ocean and surrounding hills.
$250,000 a month (in Fall/Winter) Realtor.com
The summer rate for June, July & August is $350,000 per month, while fall/winter is $250,000.
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