Are you interested in living in Westlake Village, CA? Regardless of your lifestyle, Westlake Village neighborhood is sure to satisfy your desires. Known for its affluence and secluded character, Westlake Village is a master-planned community straddling the Los Angeles and Ventura county line. It lies in the center of Conejo Valley, approximately 40km west of Downtown Los Angeles.
The Los Angeles suburb is home to the Westlake lake and offers a sparse suburban feel to approximately 8450 residents. Famed as the Conejo Valley's heart and among the wealthiest communities in the greater Los Angeles area, Westlake village leaves few stones unturned when it comes to a relaxing lifestyle. There is virtually everything for everyone in this community from restaurants to shopping centers, parks to golf courses, and playfields to nature trails. Call Westlake Village real estate expert Casey Gordon today at (805) 75-9804 to learn more about Westlake Village homes and find your ideal choice.
Surrounding much of Westlake village is an open space, including horse and hiking trails and the massive Santa Monica Mountains recreation area.
Although Westlake Village is mostly a commuter town for Los Angeles, it houses the headquarters of popular brands such as K-Swiss, Dole Food Company, Ryland Homes, Guitar Center, and Pennymac Loan Services. You'll commonly find boutiques and privately-owned specialty stores-pharmacies, haircare, skincare, etc. Though you may not find a mall in Westlake Village, most Americans' favorite brands like Target, Sephora, and Lululemon, have an operational store somewhere in this city. But if you want to enjoy a large scale of choices, you can visit the Thousands Oak Mall 10 minutes down the road.
Westlake Village offers pleasant weather conditions throughout the year. The suburb experiences an average of 285 sunny days annually, 80 days above the USA's average. And while the US averages 27.8 inches of snow, Westlake Village averages 0 inches of snow annually. Expect about 16.6 inches of rain and 37 days of precipitation per year. August is the hottest month here with an average temperature of 32 degrees Celsius, while December has the coldest nighttime temperatures of about 6 degrees Celsius.
Westlake Village offers extensive fun opportunities, including fitness and recreational centers, parks, playgrounds, entertainment joints, and some of Conejo Valley's finest restaurants. The suburb is home to Southern California's top golf courses: Westlake Golf Course and North Ranch Country Club.
The Bowfield Hike is fun for adults and easy for kids and offers you a 360-degree panoramic view of the Conejo Valley. For those moments you get the itch to move out of town for a while, Westlake Village is near California's most prized locations, including Santa Barbara, Santa Monica, and Malibu.
There is a lot to love in Westlake Village, but the unique lifestyle comes at a cost. The homes are among the costliest in the area. The lakeside houses are of earlier generations of the 60s and 70s. In contrast, the North Ranch harbors an exclusive neighborhood of custom homes. Westlake Village has a median home list price of about $1,291,000, a 17.5% increase since 2019. The median home list price per square foot is about $510, and the average rent price for a Westlake Village apartment is $2,300.
All in all, Westlake Village is a stable community and a highly recommended family-friendly place that offers an excellent combination of a low crime risk, good schools, high homeownership rate, and college-educated neighbors.
The current Westlake Village housing seems promising to buyers and investors. Right now, the suburb is a buyer's market. At the same time last year, Westlake Village was a seller's market, where the number of buyers exceeds that of active homes for sales.
Despite the several options for fantastic apartments and condos, single-family housing units still dominate the Westlake Village market at 70.04%. And 69% of these units are owner-occupied, three and four-bedroom units. Row houses and attached homes, large apartment complexes, and mobile homes account for 17.37%, 5.07%, and 4.78%, respectively. Therefore, it's no surprise that single-family, multi-bedroom units perform much better in the Westlake Village real estate market.
2020 is the best year to invest in real estate, especially in Westlake Village. With the demand for modern and rehabilitated units being much higher, you can expect to acquire a non-renovated unit affordably. As an investor, you can rehabilitate the property and sell it at a much higher price than the accrued costs. As a homeowner, you get the chance to own a house at a relatively lower price. Furthermore, prices of homes facing foreclosure tend to dip continually, presenting an excellent opportunity for the investors looking to buy low and sell high in the Westlake Village market.
It's good to know what Westlake Village housing market has in store for buyers and renters in 2020. As the demand for Westlake Village lifestyle remains strong, we can expect an appreciation in the housing market between 2020-2021.
Move-in homes at the lower end of the price spectrum sell quickly and continually draw a lot of interest. Bear in mind that homes in the suburb sold within 55 days over the past few months. But you expect a more extended sale time for units above $1m. They also tend to be more negotiable, especially if there's a need for rehabilitation.
Westlake Village single-family homes range between $400k and $10m, with the average price for a 2-bedroom unit sitting at $750k.
Monthly rent for an apartment averages at $2,300, a 0% y-o-y change from 2019. The average size for an apartment is 995 square feet, studio apartments being the smallest and most affordable. 2-bedroom and 3-bedroom apartments offer more generous space but have higher monthly rates (somewhere between $2.4k and $3k).
Call Casey Gordon today at (805) 750-9804 to learn more about the Westlake Village housing market trends of the style of home you are looking at. Whether you want to rent or purchase property, we are here to help you get going and make yourself comfortable in Westlake Village.
As of August 2020, the median home value in Westlake, CA, was approximately $1.075m, a 2.1% rise over the past year. Zillow speculates the value will drop by 2.4% within the next year. The suburb's median price list per square foot is roughly $510, about $60 higher than the Los Angeles-Long-Beach-Anaheim Metro average. Westlake Village's listed home price is $1.29m, while the median sale price sits somewhere at $1.17m. The median rental price for a single-family unit sits roughly at $4k, about $800 higher than the Los-Angeles-Long-Beach-Anaheim median.
Approximately 0.3% of Westlake Village homes are delinquent on their mortgage, compared to 1.1% nationally. A mortgage is classified as delinquent when the borrower fails to make a scheduled payment before the due date. Continued delinquency often leads to negative equity, commonly referred to as being upside down or underwater, where the mortgage owed exceeds the home value. Negative equity can also occur due to a dip in the home's value. According to 2018 statistics, approximately 3.9% of Westlake Village homeowners were upside down, compared to the USA'S 8.2%.
In your quest for the fantastic Westlake Village's suburban feel, work with a real estate agency dedicated to matching you with your dream home. Ranked top 1% nationwide for nine consecutive years and still ranking top 1% in LA counties, the Casey Gordon team's commitment to fulfilling their client's real estate needs is unraveled. Contact us today at 805-750-9804 to learn more about our real estate services and discuss your Westlake Village housing needs.