Trading Up to a Luxury Home in The Oaks

The Oaks Neighborhood Association sets the boundaries at Fern Dell Drive to the east, Foothill Drive to the south, both sides of Canyon Drive to the west and the park to the north. Inside those lines the housing comes from two building waves. The tracts were recorded between 1922 and 1924, and the first homes followed in the 1920s. A second wave arrived in the 1950s and 1960s. The survey sums up the result as prewar Period Revival beside postwar Modern.

That mix shapes the trade-up search. A buyer who wants tile, plaster and a period floor plan looks at the 1920s stock, and the survey found 67 contributing homes in an eligible Upper Oaks Period Revival district with a period of significance from 1926 to 1948. A buyer who wants glass and an open plan looks at the postwar houses on the same streets. Both sit on sloping sites, so the questions about drainage, retaining walls and access apply to either one.

Almost every street here is public. Canyon roads climb north until they meet the chaparral of Griffith Park, and Fern Dell Drive doubles as the eastern boundary and the way into Fern Dell itself. The exception is Briarcliff Manor, the 1911 estate at 5750 Valley Oak Drive, which now sits inside a gated residential community. If your next home is inside that pocket, the association documents join the paperwork on the buying side.

One detail that matters when you own in one part of Los Feliz and buy in another: The Oaks uses the 90068 zip code, while Laughlin Park next door uses 90027. Set your saved searches by neighborhood boundary so the hillside you want does not drop off the list.

1. Name the move date. Decide when you want to be living below the park, and how far that date can move.
2. Estimate your equity. We build a value range for your current home from comparable sales. You subtract what you owe and your costs of sale and plan with the range rather than one number.
3. Talk with your lender. Ask what you can buy before your sale closes and what you can buy after it. Get the pre-approval in writing.
4. Set your carrying limit. Add up the mortgage, taxes, insurance and upkeep on two homes. Decide how many months of that feels comfortable.
5. Choose the sequence. Sell first or buy first. A contingent offer, closings timed together or a rent-back can bridge the two. Pick a backup as well.
6. Sign the buyer agreement and prepare your listing. The written buyer representation agreement comes before the first Oaks showing. Repairs and disclosures on your current home start at the same time.
7. Tour the hillside. We see the homes that fit your range, and we visit the view at more than one time of day.
8. Write the offer to fit the plan. Your contingency or rent-back terms go into the contract. Brandon typically writes an inspection period of 7 to 10 days, set in each offer. The initial deposit of about 3% is held by the escrow company.
9. Coordinate both escrows. Purchases in Los Angeles close through escrow and title companies. We keep both sets of dates in view and adjust together if one moves.

This page explains how the process generally works. It is not tax, legal or lending advice. For your own situation, talk with your lender and your CPA or attorney as well.