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If you are looking for the best Southern California experience, relocating to Calabasas should be your top priority. Calabasas is primarily a spectacular community lying between San Fernando Valley and the Santa Monica Mountains in Los Angeles, CA. It occupies an area of 34 square kilometers and is home to over 23,900 residents.
Calabasas real estate market is primarily healthy and offers several options, from single-family homes, condos to apartments. It is synonymous with luxurious estates and exclusive gated communities that provide quite unmatched privacy, security, and space that caters to celebrity lifestyles. Contact Casey Gordon today at 805-750-9804 to find a home in Calabasas or get reliable tips for investing in the city's real estate market.
Calabasas, CA, is mostly associated with celebrities like the Kardashians, Katie Holmes, Drake, and Will Smith, but the city is more than a haven for Hollywood's A-list. It is safe and provides a unique combination of affluence and rural lifestyle coupled with pleasant weather throughout the year.
The list of fun places to visit in Calabasas is endless. Popular among the residents and vacationers are Leonis Adobe Museum (among the oldest surviving structures in San Fernando Valley) and King Gillette Ranch, former property of King C. Gillette (the inventor of safety razors).
Calabasas' award-winning school district, the Las Virgenes Unified School District, encompasses 15 public schools (from elementary to high school) that serve about 11,000 students.
The city is home to a multitude of shopping, dining, and entertainment scenes. Boutiques and specialty stores sell virtually everything here. For memorable indoor shopping experiences, The Commons at Calabasas shopping complex has got you covered with an array of chain stores, boutiques, and eateries.
On average, Calabasas receives about 17 inches of rain annually, approximately 21 inches lower than the US average. It hardly snows in this city. And residents enjoy 284 days of sunshine on average per year.
As of November 2020, the median listing home price and average rental rate in Calabasas, CA, were $1.5m and $2,392, respectively.
Calabasas home prices are among the most expensive in California and America. Over the last ten years, the city has experienced an incredible appreciation rate of 49.10%. This represents an annual appreciation rate of about 4.1%, positioning Calabasas among the most profitable long-term real estate investments in the US.
However, Calabasas real estate appreciated by only 1.03% over the last twelve months. Let not this figure intimidate your investment wits because, in the past quarter of 2020, Calabasas homes appreciated by 1.28%, equating to an annual appreciation rate of about 5.2%.
The most prevalent types of housing types in Calabasas are single-family homes (63.1%), followed by apartment complexes and high-rise apartments at 18.85%. In fact, owner-occupied, 3-4 bedroom single-family units account for the largest share of Calabasas homes. Also available are row houses, duplexes, and small apartment buildings.
Currently, the Calabasas housing market is a seller's market, where the supply is unable to meet the demand for properties. A vast majority of potential home buyers are looking for modern and rehabilitated homes. From a real estate investor's perspective, unrenovated homes in Calabasas present an incredible opportunity to risk-takers who enjoy fixing and flipping properties.
It is wise to know what the Calabasas housing market has in store for you in 2021, whether you intend to purchase or rent a property here. Read on to learn what you can expect from the city's most common housing units.
Current Realtor.com data shows 79 single-family homes for sale in Calabasas, with a median list price of $1.99m against a sold price of $1.49m. Prices vary substantially between $719k and $38m.
In Calabasas, condos boast a sale-to-list price ratio above 94% and a median list price of $575k. Presently, the least you can spend on a Calabasas condo is $495k, while the costliest counterpart goes for $799k.
Apartments in Calabasas average $2,392/ month, a 4% decline from last year's average of $2,479.
Offering the smallest space, studio apartments are the cheapest at $1,776/month. Rental rates for one-bedroom, two-bedroom, and 3-bedroom apartments are $2,076, $2,943, and $3,552, respectively. Reach Casey Gordon today at 805-750-9804 to learn more about the trends influencing your preferred housing type in Calabasas in 2021.
According to Zillow.com, the median value of homes in Calabasas is $1,278,753, up 7.1% since last year. Zillow predicts that the value will increase by 9.6% within the next twelve months. The median list price currently stands at $1.5m, but over 50% of the properties sell for about $915k. Homebuyers can expect to spend approximately $494 on each square foot.
As of December 2020, there was no significant change in the inventory of distressed properties such as foreclosures, short sales, and REO (real estate owned). Currently, there are about ten foreclosed homes in Calabasas.
Foreclosure emanates from mortgage delinquency, where the borrower fails to make scheduled payments on or before the due date. Lenders often give borrowers a grace period to catch up on delayed payments, usually 60 days. Should the borrowers continue falling behind on payments, the lender may foreclose on the home, taking it back from the borrower.
Following is a list of Calabasas' top communities and their median sale prices:
More affordable communities in Calabasas, CA, include Calabasas Village and Greater Mulwood. Popular neighborhoods around Calabasas include:
Whether you want to purchase or rent a home in Calabasas, CA, it is in your best interest to work with competent real estate professionals willing to go above and beyond the call of duty to make your dream home become a reality.
Casey Gordon, we leverage his passion, empathy, and expertise in Southern California and Calabasas real estate market to help you find the right home for your needs and budget. Call him today at 805-750-9804 or fill online form to discuss your Calabasas housing needs and learn about the options available to you.