Buying a Home in Studio City

Buying a Home in Studio City

  • Peter Lorimer
  • 04/13/23

Studio City is a prestigious LA neighborhood coveted for its quiet, upscale lifestyle. The neighborhood itself features stunning luxury properties and amenities of its own that residents love. Here’s everything you need to know when buying a home in Studio City.

Why Should You Buy a House in Studio City?

Studio City’s high-end living doesn’t disappoint with the restaurant scene at Ventura Boulevard. The neighborhood’s natural beauty is easy to explore from the parks and trails surrounding the area while community members come together for local events like the weekly farmers market.

Outdoor Recreation

Residents have plenty of options when it comes to outdoor recreation. Destinations like Coldwater Canyon Park span 44 acres and are full of hiking trails, a fruit orchard, a tree nursery, and organic gardens. Residents can also watch an educational display at the park’s amphitheater. Fryman Canyon’s 3-mile Betty B. Dearing Trail is another excellent spot to enjoy the fresh air and views. For more outdoor amenities, Beeman Park features a children’s play areas, tennis courts, a baseball diamond, and a jogging path.

Dining along Ventura Boulevard

Stretching 13 miles, Ventura Boulevard starts in Studio City and ends in the neighboring Woodlands Hills. The most popular strip of restaurants is Sushi Row along Laurel Canyon, home to the Michelin-starred Asanebo. For some American soul food, Laurel Tavern delivers elevated staples alongside a generous beverage menu.

Local events

The community comes together in local events like the Studio City Farmers Market. Held every Sunday from 8:00 a.m. to 2:00 p.m., this market offers fresh produce and artisanal goods alongside family activities like its petting zoo and train ride. Art lovers flock to Studio City’s Arts and Crafts Show in May, which features original and handmade creations.

Top 2 Neighborhoods in Studio City

This community is full of private neighborhoods perfect for any type of home searcher. When buying a home in Studio City, check out these top two neighborhoods in the area.

Footbridge Square

The LA River in Footbridge Square encourages outdoorsy energy reflected in residents walking, biking, and jogging through the neighborhood. The revitalized river is home to two small parks that showcase the city’s native flora. Many homes in the area were built through the 30s and 50s, then torn down for more modern-day constructions.

Colfax Meadows

One of the original communities in Studio City, Colfax Meadows is known for its large lots housing multi-generation families. The neighborhood has since been extended, but the original is still distinguishable by its lack of sidewalks. Homes here include bungalows, traditional homes, and large contemporary or Mediterranean mansions.

What to Know About Buying a House in Studio City

Buying a home in Studio City is a process buyers should approach seriously. Review this information from median house price to the difference between loans before starting a search. The median real estate price in Studio City is just under $1.6 million. This figure is higher than 89.4% of the neighborhoods in California at 97.7% higher than communities across the country. Studio City is a wealthy neighborhood, ranking in the top 15% in the United States.

Closing costs for buyers in California range between 2-5% of a home’s purchase price. Using the median price of $1.591 million, buyers should prepare for expenses between $31,820 and $71,550. These costs cover fees related to a home appraisal, title search, recording fees, and transfer taxes. In LA County neighborhoods like Studio City, property taxes average 0.59% of a property’s assessed fair market value. Using the median price of $1.591 million, residents can expect annual fees totaling $9,386.90.

Buyers financing a home with a mortgage should research the conditions of different lenders and loan types to find the best option. Many buyers use conventional loans that aren’t backed by the federal government and can be conforming or nonconforming. Other federally funded mortgages like FHA loans help buyers finance their purchase with a smaller downpayment and lower credit score. Members of the military or veterans qualify for VA loans, another government-backed loan that comes with extra perks.

Money-Saving Tips for Buying a Home in Studio City

Save thousands in the long term by searching for the best mortgage rate. Take the extra time to request quotes from different lenders and compare lender fees, loan application and origination fees, and the cost of a credit report. Buyers should consider putting a full 20% down or more. Those who put down 20% avoid private mortgage insurance fees and extra expenses related to accrued interest. A larger down payment also helps buyers build home equity faster.

Buyers should improve their credit scores to qualify for the best mortgage rate. Lenders give borrowers with high scores a better rate because it shows they can manage their debts and are more likely to repay the loan. Buyers with low credit scores may not qualify for a mortgage or may face paying thousands more in interest.

In states like California, buyers can ask their agents for a commission rebate. This is when an agent gives the buyer a portion of their commission. You can use rebate money for closing fees, cash payments, or other ways.

When buying a home in Studio City, a local professional can inform buyers of the community’s amenities, local market trends, and available resources. If you’re ready to start your search in Studio City, contact experienced agents Peter and Cindy Lorimer to help you find your dream home!

*Header photo courtesy of Shutterstock

Work With Peter & Cindy

Whether it's a first-time buyer looking for a $100,000 condo, or a well-heeled celebrity in search of a $10 million beachfront hideaway, every client is treated equally and given top-notch service. We would be honored to work with you in finding your perfect Los Angeles home.

Follow Me On Instagram