May 20, 2014 Lydia Gable

How Much ‘Home’ Will $1 Million Buy in Southern California?

‘The Bedroom Could Fit Inside a Walk-In Closet’

How much home will a million dollars buy in Southern California? In certain coastal areas of Southern California, prepare to appreciate the beach location over the size of the home. Unlike other parts of the country, $1 million in Malibu for instance, won’t buy you a mansion – a quaint cottage home maybe. And in Orange County for example, the home of the famed Real Housewives of OC, whose lifestyle we’ve all become privy to, $1 million doesn’t stretch as far as you might think.

A recent article in the Orange County Register, highlights just how little home $1 million will buy in the OC. Paul Crane, consultant to a group of investors who bought a 1930s era home in Newport Beach says when he stood in the bedroom doorway of a home for lease one block from Newport Beach’s Balboa Peninsula – an exclusive part of Orange County—it was abundantly clear that the buyer was paying for the location not necessarily the home. The price tag: $1 million. His conclusion:

The bedroom could easily fit inside a typical walk-in closet in this city. The residence itself is only 534 square feet. What we would consider a bedroom is maybe not what they considered a bedroom when (the home) was built.

And, points out the author, Marilyn Kalfus:

Twenty six miles inland, $1 million could fetch a ‘highly upgraded,’ 2,800-square-foot, five-bedroom home on half an acre in Fullerton… with a swimming pool and spa – plus a private tennis court.

The Median Home Value in Westlake Village: $847,400′

If you prefer instead that the price match the luxury surroundings and home size, don’t be disheartened quite yet. Travel a bit north of the OC and there are still very exclusive areas in Southern California where $1 million can buy you a beautiful home – quite possibly a beautiful home in a gated community surrounded by lake views, mountain ranges and just minutes from the Pacific Ocean.

Wikipedia describes it well saying, Westlake Village “borders the Malibu hills, and is nine miles inland from the Pacific Ocean.” What else could you want? But that’s only he cherry on the proverbial cake. For $1 million or less, you will live in a gated community among professionals and celebrities alike, just a short ride to Los Angeles and in one of the best school districts in Southern California. In Westlake Village, you can buy a home for less than $1 million and currently the home prices are on the rise. It’s a good time to dip your toe in the market. If you buy now, the valuation—if the market continues to rebound as it’s predicted—should appreciate in a few years if you plan to invest and sell. Of course there are many homes—as is true of any luxury community—in the area that list above $1 million, however there are just as many properties where $1 million will be buy you a luxury home and I promise, your bedroom will be bigger than a closet! Zillow writes, regarding home prices in Westlake Village:

The median home value in Westlake Village is $847,400. Westlake Village home values have gone up 4.9% over the past year and Zillow predicts they will rise 1.8% within the next year. The median price of homes currently listed in Westlake Village is $835,000 while the median price of homes that sold is $894,750.

You Can’t Put a Price Tag on Quality of Life

If you’re curiosity is piqued about what a $1 million looks like in the Westlake Village area, come take a tour of the community. A drive through the neighborhood, the surrounding exquisite scenic views, and the prime location, will leave you wanting more. Take it from me – I not only sell homes in Westlake Village, but I live in the area. My point of view after living in the Conejo Valley for many years: you can’t put a price tag on quality of life!

If you are a potential home buyer, our team will find the right fit for your lifestyle and needs. Lydia Gable specializes in the finest real estate and luxury properties. She is a permanent resident of Conejo Valley who lives and plays where she works. Contact Lydia Gable today for an appointment.

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