Many markets have experienced difficulties over the last couple of years. Thankfully, real estate has had some excellent years and will only become better for any investors or sellers looking to reap the best value for their properties. If you have always wanted to acquire a vacation home in Beverly Hills, now is the ideal time to make the move. Here are some of the latest trends you should bear in mind as you search for your dream vacation home.
Prices Are Ever-Increasing for Beverly Hills Homes
Beverly Hills real estate is in a hot seller’s market, which means that there are more potential buyers than available homes for sale. The median listing price for a home in this exclusive community is roughly $3.5 million, and this value is expected to rise even further in the coming years, rendering homes here a nice short-term investment.
Likewise, if you wish to own luxurious Beverly Hills vacation homes for the long term, you will also be happy to know home prices are continually rising. In fact, the Beverly Hills housing market has appreciated by about 70% over the last decade.
Tourists Numbers are Increasing
The warm, sunny weather of Beverly Hills continuously attracts tourists. Despite the tourism industry taking a hit during the pandemic, the last 3 years have recorded a sharp rise in the number of tourists visiting the area.
The surge in the number of tourists means a hot market for anybody who wishes to invest in vacation homes in Beverly Hills. Designer brands are a huge draw for those touring Beverly Hills, and the iconic Beverly Hills Golden Triangle plays host to luxury brands like Moncler, Dior, Eleventy, Ferrari, and more. Whether you want to rent or buy a home, this access to upscale shopping destinations renders Beverly Hills the go-to vacation spot.
Buying Beverly Hills Real Estate to Rent
Over the last decade, the Beverly Hills community has shifted from being primarily homeowners to mostly renters.
Short-term rental laws change often. For instance, single-family homes must rent for not less than 6 months. Short-term rentals could only be twice yearly, and “hotel taxes” should be collected. Besides, individuals who own units in multi-unit apartments cannot have short-term rentals. Short-term rentals in this area must be for not less than 30 days.
If you prefer long-term rentals, you will not have a difficult time locating tenants in Beverly Hills because of the rise in suburban renters. Nevertheless, short-term rentals will remain more popular in the vacation home market as they offer a great escape.
Seasonal Patterns
The good thing about Beverly Hills vacation homes is that the sun is out all year round. The lovely weather, one-of-a-kind attractions, and gorgeous landscape render Beverly Hills highly sought-after and contribute to a steady market with minimal ups and downs.
Typically, Beverly Hills homes stay on the market for a maximum of 60 days. Therefore, it is important to act fast once you find a home you like.
Find Your Dream Vacation Home in Beverly Hills Today
Are you ready to make your dream of owning a piece of Beverly Hills paradise a reality? Reach out to Jordan Pollack for all your real estate needs. As one of the top real estate agents in the country, Jordan can guide you on the best vacation homes for sale to suit your unique needs and preferences. Arrange a consultation with Jordan Pollack right away to start your search!
