Are you thinking of buying or renting on the Wilshire Corridor? Below are some things you may want to consider.
The Wilshire Corridor is an approximately one-mile stretch of Wilshire Blvd. in Westwood comprising a mixture of high-rise condominium buildings and apartment buildings. It is not called The Golden Mile or Millionaires’ Row for nothing, but not every building is created equal. I often get calls from renters wanting to live on the Corridor because of it’s reputation, but you should be clear what you are paying for.
As a renter, If you want to enjoy the amenities of the Corridor be sure to ask the following questions:
- Is it a full service building? By full service I mean valet, concierge and all the amenities such as pool, gym, etc. Full service with all its amenities is one of the draws for the Corridor.
- Is there a washer/dryer in the unit? There are even full service buildings where they are not. It is a community laundry. This may or may not be important to you.
- Does the owner/building allow pets. The building may and the owner may not.
- Are utilities included in your rent. The utilities are included in the homeowners’ dues of some of the buildings which means they will be included in your rent. Otherwise you will be paying utilities on top of your monthly rent.
- There are very few one and three-bedroom units in the full service buildings and the rent for the former is not cheap.
- One-bedroom units: Over the past year only 22 were leased, only six of which had laundry in the unit. The average lease price was $3,254 and several of the units are not in full service buildings.
- Three-bedroom units: Over the past year only 11 units were leased, two of which did not have inside laundry, and two of the buildings are not full service. The average lease price was $9,840.
- Two-bedroom units: the average lease was $5,495 and again, several of them do not include inside laundry and are not full service.
You are going to be paying more to rent on the Wilshire Corridor. Be sure to understand what you are getting for your money.
Wilshire Corridor condo buyers generally know what they are looking for in a unit, but here are some points to consider:
- One-bedroom units: Over the past year only 10 sold over the past year for an average price of $554,000. 17 of these units do not have inside laundry and two of the buildings are not full service. Homeowners dues range from $575 to $1,280 a month.
- Two-bedroom units: 93 units sold over the past year, 14 of which do not have inside laundry, and five of which are not full service. The average price of these sales was $1,309,000. Homeowners dues: from $575 to $1,730 a month.
- Three-bedroom units: 32 units sold, three of which do not have inside laundry and are not full service. The average price was$2,656,000. Homeowners dues: $1,356 to $5,309 a month.
- Many buildings are now restricting rentals. You may not be able to lease your unit for at least two years after purchase, and even then there may be a wait list.
- At least one building on the Corridor does not allow pets other than service animals.
- If there is a specific remodel you would like to do make sure it will be approved by the Board.
- Check the building’s Covenants, Conditions, and Restrictions (CC&Rs) carefully.
Buying on the Corridor is a large investment. Be sure to do your due diligence so there are no surprises down the line.
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