Are family reunions taking on a new significance in Los Angeles real estate?

Statistics identifying this national trend suggest an evolution within the Angeleno home buying landscape, according to a recent nationwide survey of Coldwell Banker Real Estate LLC agents. In the last 12 months, 37 percent of surveyed sales professionals noted an increase in buyers looking for homes that can accommodate more than one generation of their families. In a diverse metropolis with a constantly rising population, living patterns have increasingly moved toward this model, especially as the recession has continued.

“There is great demand for homes with either separate wings, guest houses and/or more than three bedrooms to accommodate multiple generations of families living together,” said Claudia Storey, Arcadia branch manager of Coldwell Banker Residential Brokerage. “In the San Gabriel Valley, we constantly see grandparents and parents purchasing homes for their college-bound children to live in for purposes of attending the wellrated local high schools and universities. We also see young couples making offers on larger homes than they need to accommodate parents living with them. By jointly investing their monies with parents, they are able to buy more quickly than if just using their own money.”

While finances are a primary driver for buyers and sellers seeking a multigenerational home (39 percent), agents also cited a strong family bond as one of the central factors.

“For many families, putting elders in a retirement home just isn’t customary,” noted Studio City agent Jessica Nygren. One property Nygren sold in Sherman Oaks recently had a second story added to its garage to accommodate the homeowner’s mother, who left England and moved in after her husband’s passing.

“People don’t want their folks living in some shabby apartment where they have to walk up two flights of stairs,” said Nygren. “Having multiple generations under the same roof also enables more family time with one another.”

Although multigenerational home buying activity takes place across a variety of property types, a niche for single-family residences is prominent. Nearly 70 percent of Coldwell Banker sales agents, however, believe that economic conditions may cause greater demand for multigenerational home options in their markets over the next year.

As Los Angeles navigates its housing outlook for the next decade, Coldwell Banker Residential Brokerage is well-versed to help different families find the right accommodations for their lifestyle. With a leading market presence in Southern California and top-notch agent expertise, we look forward to helping your family find an ideal home that meets your needs.

Nestled 20 minutes east of downtown Los Angeles, the San Gabriel Valley has long been a bustling suburban jewel in Southern California. With its leading school districts, historic cultural attractions and attractive quality of life, the area is abundant with opportunity for a wide variety of home buyers. Offering something for everyone, the San Gabriel Valley’s coveted lifestyle has even attracted our top agents in this area to call it home as well. 

“About 90 percent of my branch’s agents live within 10 miles from the office,” said Randy Fred, branch manager of the Pasadena and La Canada/Flintridge offices of Coldwell Banker Residential Brokerage. “We actually live, work and play in the places we represent. I think that speaks highly of the area in itself.”

With the federal tax credit extension and low interest rates stimulating sales, prices for homes in the area have gradually stabilized as buying confidence returns. The hottest selling properties dwell within the mid-$300,000s to $500,000s, a friendly range for first-time buyers. Yet, activity has also been thriving in higher price points.

“We are even seeing an increase in multi-million dollar listings,” said Fred.

According to Gary Fleishman, manager of Coldwell Banker Residential Brokerage’s San Marino office, the San Gabriel Valley has been somewhat insulated from the economy in relation to other parts of Los Angeles County. 

“We often receive numerous all-cash buyers,” said Fleishman. “The area is unique because you’ll see highly affordable entry-level homes in the same neighborhoods as luxury estates. Over here, you can find a variety of properties and price points just about everywhere.”

Bidding for a slice of this Los Angeles suburbia is certainly vigorous—Fred noted that within the first week of February alone, the Pasadena office generated more than 20 sales, with the highest transaction closed in Pasadena for $2.5 million. Despite a shrink in inventory over the past year, more short sales and bank-owned properties are also anticipated to become available as the year progresses, according to Arcadia branch manager Claudia Storey.

 “There’s going to be great opportunity within the next 12 months for these properties across the entire San Gabriel Valley,” said Storey, “If potential homeowners do their homework and invest wisely.”

Handling more than a third of the San Gabriel Valley’s residential real estate market share, Coldwell Banker Residential Brokerage leads the region with our first-rate home buying expertise. The area’s top three brokerage offices all belong to our company, so we’re well-positioned to help you acquire your perfect residence within Southern California’s suburban dream.