Ready to make a move? If you live on the Westside and are considering purchasing a home, you may think you need to look elsewhere. After all, buying a home on the Westside is out of the question, what with the exorbitant prices and outdated interiors, right? Plus, if you do manage to find a place, it’ll probably be less than stylish and in a super inconvenient location and won’t have any of the features you want. Maybe you should just stay put in your expensive Westside apartment, after all.
Or maybe not. Think you know all the reasons why buying a home on the Westside isn’t for you? Let us debunk a few myths.
1. It’s too expensive
The reality is that buying a home on the Westside can be less expensive than many people think, and, in many cases, may be less than what they are currently paying in rent. New communities like X67 Lofts in Marina del Rey offer brand-new Westside condos for sale with prices that will make you rethink that whole renting thing.
Rents continue to rise across the country; currently, there are only two metro areas where renting is cheaper than buying for people aged 25 to 34, recent data from real-estate website Trulia found, said MarketWatch—notoriously expensive Honolulu and Silicon Valley city San Jose. “Buying is a no-brainer in 98 of 100 metro areas.”
In Los Angeles, those numbers are even more skewed toward buyers. According to Curbed, it’s 32.7 percent less expensive to own in L.A. versus renting. “The 32.7 percent savings figure provides enough of a cushion that buying would still be cheaper unless home prices jump 52 percent or mortgage rates increase to 7.4 percent (neither a likely possibility),” they said.
2. I should wait to buy a home until I’m ready to move to the suburbs…right?
That all depends on what you’re looking for. Homebuyers in L.A. have a long history of moving “away,” whether that means going a little further inland or over the hill to the San Fernando or Santa Clarita valleys—in order to buy an affordable home. And moving to the suburbs remains a trend among millennials who are looking to settle down and are willing to trade coastal proximity and convenience for a patch of grass.
But, buying in urban areas remains popular with millennials who want to stay in the city and live close to all the restaurants, shops, and nightlife, not to mention have easy access to the beach and their jobs. This is especially true for those who work in Silicon Beach and want to be able to maintain an easy commute.
“Limited inventory in millennials’ price range, minimal entry-level condo construction and affordability pressures” have made it difficult to buy in the city for young households, Lawrence Yun, NAR chief economist, noted in the latest NAR Generational Survey. But that doesn’t take into account the higher salaries in Silicon Beach, nor does it consider changing realities in some L.A. cities. Developers like ETCO Homes are listening, creating new Westside communities that combine great floorplans with chic style and desirable amenities in the best locations, with prices that make buying a luxury condo on the Westside a reality.
3. Renting is so much more financially beneficial
If you’re looking at the monthly payment of your luxury Westside apartment, you may be surprised how it compares to monthly payments for a luxury Westside condo—especially since Marina del Rey, Venice, and Santa Monica continually have some of the most expensive rentals in the country. Now add in all the other stuff, like rental insurance, security deposits, moving costs, and rental increases, and maybe renting’s not so financially beneficial after all.
4. Anything I can afford is going to be ancient and devoid of amenities
Have you seen some of the luxury condo communities being built on the Westside? X67 Lofts has been designed for the needs of modern homeowners, so the floorplans are nice and open for entertaining, the features and finishes are luxe, each of the 67 condos includes private outdoor space—some with serene views of the mountains—and the luxury community amenities are like living in a resort, with: a Residential Concierge Attendant seven days a week; a dipping pool with lounges and cabana-style seating; a community fitness room with cardio equipment; and a community and entertainment room for activities and events.
5. Everything needs to be renovated
That may be true if you look at older homes on the Westside, especially those that are on the lower side of the pricing scale. It’s also why many homebuyers are opting for brand-new condos on the Westside instead.
6. I’m too young to buy my first place
Actually, millennial homebuyers are on the rise. Realtor.com reports that, “Next year, more than half of all homes will be bought by first-time home buyers. It’s a seismic shift from 2016. And here’s the kicker: Most of those newbies will be millennials. In sharp contrast with 2016, when only 33% of people planning to buy a home were first-time buyers, 52% of buyers with their eye on a home purchase next year will be first-timers. And 61% of those are under age 35.”
If you’re between the ages of 24 and 34 and working in Silicon Beach, you’re right in the homebuying sweet spot, and ripe to take advantage of the benefits of buying a luxury condo on the Westside.
7. But there are no real advantages to buying over renting
You mean little things like tax breaks and home equity? Homeownership is one of the best and easiest ways to lower your tax base and keep more of your money, with mortgage interest and property taxes just two of the associated tax write-offs. Add that to home values that are predicted to continue to rise in 2017, and you have yet another smart reason to make a move this year.
X67 Lofts offers 67 contemporary loft-style new homes for sale on the Westside with 15 uniquely designed floorplans ranging from 759–1,906 square feet and high-end features and finishes including gourmet kitchens with center islands and eating bar (per plan), KitchenAid® stainless steel appliances, frameless European-style cabinetry, and Caesarstone® countertops. The community is located within walking distance to the beach, Abbot Kinney, and to trendy shopping and dining opportunities, and in the perfect spot for those who work in the hot Silicon Beach shops.
You can also add your name to the interest list here to make sure you are kept up to date on sales and phase releases.