My gorgeous East Coast Classic listing on Oak Pass road in Beverly Hills was featured in an article by the Hollywood Reporter about “L.A.’s New Norm: $20 Million Homes That People are Swarming to Get In.
Case in point: Oak Pass Road, a street tucked behind The Beverly Hills Hotel that has housed such current and past residents as Demi Moore, Jon Voight, Mark Wahlberg and, more recently, Channing Tatum, who purchased Kevin Huvane‘s former home earlier this year for $6 million (Tatum and wife Jenna Dewan are in the process of tearing down the Cape Cod-style shingled spread and rebuilding). “There are only about 35 houses on this entire street, but two of them are now on the market for $23 million and $24 million,” says Lavey. “Five years ago, $10 million to $12 million was a giant number here; now that’s the middle ground.”
Oak Pass residents Irena and Mike Medavoy have listed their 9,000-square-foot, East Coast-style home for $15 million with Jade Mills and Joyce Rey of Coldwell Banker Previews International.
Lavey points to two factors in these exploding values: One is L.A.’s emergence on the global real estate scene; the other is the fact that Oak Pass residents banded together a few years ago to convert their block into a key-entry street. “There are only so many private roads here, but suddenly, with L.A.’s surge on the global real estate scene and the number of tech people here, homes on a truly private street are skyrocketing in value,” he says.
Adding to the allure is a family-friendly vibe. “Look at Channing Tatum — here’s a guy who could have bought anywhere, but he chose this street to raise his family,” says Lavey. “Why? Because people can feel normal here. It’s not the cookie-cutter, Disneyland-mansion land you see in L.A. Houses have an architectural mix, and there’s a true community vibe. Homeowner meetings are often barbecue pool parties, and there’s even a permanent fruit stand in front of one of the homes. Residents fill it with fruit every week, and families buy strawberries and peaches or whatever and leave money on the honor system. All of it goes to charity. This kind of feeling is extremely rare in L.A.”