An excerpt taken from "L.A. County's hottest zip codes" in the LA Times Business Section on Sunday, January 17, 2015:
Toluca Lake | Studio City | 91602
Median price per square foot: $570, +19.6%
Median price: $1,022,500, +3.2%
Sales: 111, +3.7%
The San Fernando Valley has not experienced the pace of price increases of some other areas. But it's not a surprise that Toluca Lake and Studio City are standouts.
The area has long been attractive to Hollywood executives and wealthy families looking to be near elite private schools. More recently, Studio City has become a hot spot for young urban professionals amid an explosion of bars and restaurants.
And with all the talk of the Federal Reserve hiking interest rates, real estate agent Matt Epstein said many buyers decided that it was time to make their move. He said developers also are shelling out for older homes to renovate or tear down to build towering replacements.
“Developers are willing to pay a premium,” he said.
The flood of activity here — like the market as a whole — has slowed its pace in recent months, but Epstein doesn't foresee a bubble about to pop.
“I don't see prices going down, but leveling out,” he said.