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?
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.
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
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.
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
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
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