Price Per Square Foot Of A Home In Los Angeles:
When looking to sell a home in Los Angeles, many homeowners wonder what the market value of their property is. Many question whether the value of a home can be determined by the median price per square foot based on the current Los Angeles Housing Market. But in truth, the real estate market is much more complex than that, and home value is determined by a combination of many factors.
A price-per-square-foot calculation assumes that the only contributor to value is size. The character, location, restoration, and design of a home, all contribute to the assessed value per square foot. Small houses that have significant architecture, meticulous restoration, and timeless upgrades will sell for the highest price per square foot. Houses that are huge but lack good flow, sunshine, and upgrades will sell for the lowest price per square foot.
I wholeheartedly believe that the value is in the details rather than the size.I believe that architects and designers are the most worthwhile investment in a home’s value. Floor plans, timeless design, natural light, and outdoor space are everything.
Sheri
Buying and selling houses is very much nuanced rather than black and white. It can be seen clearly when analyzing the Los Angeles housing market.
The Value Per Square Foot Of a Home In Los Angeles Is A Combination Of:
Square Footage:
The size of a home contributes directly to its value. Bigger homes have an inherent value to the square footage and size they offer. But, it is not the only factor and not necessarily the largest contributor to a home’s value. Therefore, the price of a home for sale is not only determined by a standard “price per square foot”
Exact Location:
The precise location of a home, the neighborhood, the block, and even the location on the block all contribute to the value of the home. A home that is located at a corner of a street or on a traffic-heavy street holds less value and will appreciate less. The assessed price per square foot will likely be less.
Architecture:
Significant architecture is a huge value in any housing market. Sophisticated, well-designed architecture takes a house from ordinary to extraordinary. Professional architecture with finesse and design increases the value of a home by making it extraordinary. We’ve sold homes that were architecturally designed by Paul Wiliams, William Hefner, or Gerard Colcord, and demanded tremendous market value. These homes with sophisticated architecture sold for a much higher price per square foot than comparable properties.
Floorplan and Layout:
The floorplan of a home is a large factor when determining how much a house is worth. A “golden home” has every room in just the right spot to create the most comfortable + functional living space. (When the kitchen opens to the family room and both overlook the backyard=👍) The more appealing the layout of a home in Los Angeles is, the higher the price per square foot it demands.
The Backyard:
The backyard of a home can add tremendous value. A home with a pool, beautiful landscaping, and a pleasant outdoor space has much added value. Especially in Los Angeles, where outdoor living is possible almost year-round, buyers will invest more in a home that offers a beautiful backyard, increasing the property’s price per square foot.
Curb Appeal:
A home with a pleasant curb appeal has more value in the real estate market. Beautiful Landscaping, a nice front yard, and pretty outdoor furnishings and touches all add value to a home.
Cosmetic Upgrades:
Investing in cosmetic upgrades can increase the value of a home tremendously. Possible upgrades include fresh paint and carpet, high-end lighting, or upgrading the kitchen and bathrooms.
Desired Amenities:
When a home has desired amenities, it is more appealing to buyers and therefore demands more market value. Amenities such as central HVAC, a convenient laundry room, a large master closet, or a 2-car garage add additional value to the home.
The difference in price per square foot in Los Angeles between various houses is a combination of layout, architecture, floor plan, curb appeal, and yard. We sell a lot of smaller houses that are worth way more than big houses because they’re little gems. A qualified Agent will assess your property correctly and guide you on how to command top dollar for your home.
A Hancock Park Case Study:
440 N McCadden- sold for $1300 per square foot in May 2024
440 N Mccadden, sold in May 2024 is the perfect case study to portray the value of a well-desinged quality home. ThisJewel Box Hancock Park Brick English Tudor Home was built in 1926 by famed ArchitectGerard Colcord.The exterior landscape, hardscape, and gardens were completed in 2020 by renowned landscape architect, Joseph Marek and were included in theGarden Conservancy annual tour in 2022. The garden includes 6 olive trees, 4 fig trees, magnolia trees, 3 citrus trees in decorative pots, herb garden boxes, and weathered patina corten steel.We listed the property for $6,500,000, it went into escrow about 3 weeks after it went on the market, with multiple offers over the asking price, and it closed for $6,600,360($100,000+ over asking!).
Why The Bienstock Group?
The Bienstock Group, led by Sheri Bienstock, is an expert real estate group in Los Angeles, Hancock Park, and Miracle Mile. Sheri is committed to her clients and will invest all her effort to get you the best results possible. Sheri has 235+ five-star reviews on Zillow, and has been ranked #1 listing agent in 90036 since 2009 and in Hancock Park since 2016.
