{"id":3723790,"date":"2018-05-29T11:24:36","date_gmt":"2018-05-29T15:24:36","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3723790"},"modified":"2018-05-29T11:24:36","modified_gmt":"2018-05-29T15:24:36","slug":"walkability-is-the-big-thing-in-la-real-estate-is-it-becoming-more-like-new-york","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/walkability-is-the-big-thing-in-la-real-estate-is-it-becoming-more-like-new-york\/","title":{"rendered":"Walkability Is The Big Thing In LA Real Estate: Is It Becoming More Like New York?"},"content":{"rendered":"

Walk to work, in LA? Surely an oxymoron. Apparently not if the spate of new luxury condos being built is anything to go by. In an increasingly environmentally conscious society, millennials and baby boomers especially don\u2019t want to be grid-locked on freeways with high parking costs. They want the convenience of walkability. Work, restaurants, shopping, movies. Being able to ditch the commute for a comfy pair of sneakers is top on their check list. But convenience, they are discovering comes with a price.<\/p>\n

\u201cThings are changing in L.A.,\u201d Cory Weiss, president of western region development marketing for Douglas Elliman real estate told the Wall Street Journal<\/a>. \u201cPeople are flocking to new developments in areas where they can walk.\u201d<\/p>\n

While the age-old image of a house in the hills with a pool is a popular one, it is being challenged by that of \u201cvertical living.\u201d A cluster of new pricey condos rising skyward around Sunset Boulevard and the newly gentrified Downtown L.A., the Ian-Schrager-designed West Hollywood Edition<\/a>, houses 20 condos atop the boutique hotel chain. Starting price is $5 million.<\/p>\n

According to \u201cwalk scores,\u201d ranging from 1 to 100 that Redfin calculates for neighborhoods, areas that see a boost in walkability<\/a> from a score of 60 to 80 add an average of $129,000 to a property\u2019s value.<\/p>\n

Outside of downtown and Hollywood, neighborhoods in greater LA are touting their walkability. One of the best known is\u00a0Old town Pasadena<\/a>, which has a walk score of 87 out of 100. It\u2019s become a key selling point in a hot real estate market where you \u201ccan be in your residential neighborhood and take a short city walk and you\u2019re in the middle of town,\u201d said the L.A. Times\u2019 Jonathan Gold<\/a>. New luxury condos like Villas at the Ambassador Gardens<\/a> used the \u201clock and leave\u201d lifestyle in their marketing material.<\/p>\n

\u201cHomeowners who have larger, older estate properties now want less maintenance,\u201d but without losing the luxury touches they\u2019re accustomed to, said Coldwell Banker Residential Brokerage sales associate Wendy Walker. \u201cThey also want to minimize the upkeep and maintenance expenses associated with the larger estates and the grounds.\u201d<\/p>\n

Downtown LA still has the highest walkability score. Its median home price was $679 per square foot in March, much higher than the citywide median of $449 per square foot.<\/p>\n

Surprisingly, though known for its car culture, LA is the 13th most walkable city in America according to Walk Score<\/a>. Certain residential LA neighborhoods such as Bel Air, which doesn\u2019t have sidewalks, obviously don’t score as high as those that do. Other high scorers for walkability, according to the site, were MacArthur Park\/Westlake (Score 91), Central Hollywood (Score 93), Koreatown (Score 91) and Fairfax\/Beverly Grove (Score 90).<\/p>\n

Nonetheless, LA remains a city rooted in residents\u2019 ability to drive. Change to a more pedestrian-friendly environment depends not just on developers but city planners greenlighting an expanded rail system.\u00a0<\/span><\/p>\n

In 2012, with funding from Metro, the LA launched its\u00a0Transit Neighborhood Plans<\/a> (TNPs). Its aim is to refine current zoning and street design around transit stops. The city is concentrating on neighborhoods that will be served by transit lines currently under construction.<\/p>\n

\u201cThe ultimate goal is to foster transit ridership and to reduce greenhouse gases and improve air quality,\u201d said Patricia Diefenderfer, a city planner working on the TNPs.\u00a0\u201cWe\u2019re looking at how to create more capacity for housing and jobs. We\u2019re trying to create environments that are more friendly for walking.\u201d<\/p>\n

Top image: shutterstock.com<\/h5>\n","protected":false},"excerpt":{"rendered":"

LA wants to trade smog for sneakers as walkability becomes a key factor in attracting new residents to the city. New condos, though, come at a steep price.<\/p>\n","protected":false},"author":112,"featured_media":3724261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13302,1],"tags":[15247,15240,15249,15243,15248,15241,15242,15246,13732,15245,3451,15244],"class_list":["post-3723790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage-slider","category-news","tag-central-hollywood","tag-downtown-la","tag-fairfaxbeverly-grove","tag-ian-schrager","tag-koreatown","tag-la-luxury-living","tag-la-walk-score","tag-macarthur-parkwestlake","tag-pasadena","tag-transit-neighborhood-plans","tag-west-hollywood","tag-west-hollywood-edition"],"acf":[],"yoast_head":"\nWalkability Is The Big Thing In LA Real Estate: Is It Becoming More Like New York?<\/title>\n<meta name=\"description\" content=\"LA wants to trade smog for sneakers as walkability becomes a key factor in attracting new residents to the city. 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