Studio City for the First Time Homebuyer
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Studio City for the First Time Homebuyer

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Have you wondered where Studio City gets its name? It is called after the studio lot that was established in the area by film producer Mack Sennett in 1927, now known as CBS Studio Center. Rich as he was, he’d be unable to afford, at a guess, 80% of the houses currently available for sale in his city. Last month for instance, Studio City hit such high prices that the market pulled back with a 3.8% sales drop. Overall sales numbers fell below the 52.0 monthly average with only 51 homes sold.

Reports show that the last three months have actually been going slow with sales hovering by 7.7% to 48 homes, the lowest amount in three months. In contrast, its sister neighborhood, Encino sold 67 houses in the same time. Medium going price for average house there was: $972,500. In short, Studio City has some of the more expensive homes in the city with a median home value of $694,440 and a current average list price of $1,123,325.

About the City

Studio City, located just North of The Hollywood Hills and the Canyon, is a larger than average neighborhood in Los Angeles with a population of 32,020 people. It ranks as the fastest growing, at a 10-year growth rate of 8.3%. Almost 45% of the homes in Studio City are owned, while 49.1% are rented. Heading the list of top schools in the neighborhood is Carpenter Avenue Elementary School.

The shopping and restaurants add to the region’s attraction. Famous names include Jerry’s Famous Deli, an Italian eat-out called Mezzo Mondo, and a vegetarian restaurant called the Vegan Plate. Pricey boutiques include the Turquoise Boutique where you can find $500.00 dresses at the cheapest, or the slightly more reasonable Maxine Boutique. The main shopping districts are the 4 blocks of Ventura Boulevard between Laurel Canyon Boulevard and Whitsett Avenue.

Here are some other important facts:

 

  • 32,020 people currently live in this area.
  • The area’s safety rating is 51. (Scale: 1 = Worst, 100 = Best)
  • The area’s average commute to work is 33 minutes.

 

The price of living in Studio City

 

  • The cost of living in Studio City is 28% greater than the Los Angeles average.
  • The cost of living in Studio City is 82.1% greater than the national average.

 

AreaVibes ranks Studio City F for cost of living. In contrast, this same website gives the city an A+ for housing, amenities, and livability (which includes beautiful climate, stable housing market, and high graduation rates). Studio City is ranked #2 in California. AreaVibes grants the city an A for employment, weather and crime. In the last three years, there have only been three murders: one a shootout by police. Altogether, you’ll find this area an attractive city to live in – for those who can afford it.

Celebrities

Notable residents include a list of 60 or so film stars, film producers, actors, actresses, singers, showgirls, comedians and comediennes. (What else do you expect for a city that’s located close to Beverly Hills!). Locals include Miley Cyrus, George Clooney, Dana Andrews, Mayim Bialik, Robert Blake, Gary Cole, Zooey Deschanel, and Ryan Gosling. Famous musicians include Frank Zappa and Mac Miller. And then you have other folk such as the occultist Israel Regardie, the mayor of Los Angeles Sam Rorty, and the pitcher for the Los Angeles Dodgers Zack Greinke.

If you’re into entertainment, Studio City’s for you. Many celebrities used to and still live here. The Brady Bunch called this their home; Michael Jackson lives close by. Several casting agents and modelling studios are located there – CBS Studios for one! The city has a historic look and an average age population of 38 – which is is considered older for a city population.

In short…

Studio City is considered an expensive community for the Valley. Properties peak as high as $2 million in the Southern portion of the community, such as the Canyon, for a 4 bedroom 3500+ square foot home so if you want to live here, you may want to make sure that you can afford it. Most choose to rent – more affordable but still expensive. If you’re considering that option, you can get 1 and 2 bedroom condos that range from $1,500 to $3,000. The city has a diversity of homes from mansions up in the hills off of Mulholland Drive to apartments and more middle class property down by Ventura Blvd.

Looking to buy, rent, flip or sell? Or you’re a Studio City firsttime homebuyer? You have a range of options and prices in a popular neighborhood.

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