Stein Valuation, Inc.
Real Estate Appraisals & Consultation
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Following is a typical Appraisal Location description utilized by the Appraiser in analyzing the general area market trends.
Westlake Village Area Description
Westlake Village City had a total population of 8,663, according to the U.S. census results for the year 2000. About 7,000 of those residents were at least 15 years old. Out of the total population, 6,327 residents were age 25 and above and 1,483 were at least 65 years old. Around 18% of the city's residents that were at least five years old spoke Spanish, Asian, and other Indo-European languages in their homes while 82% spoke English only.
Census results also show that out of the 7,000 city residents that were at least 15 years old, 16% were never married, 69% were married but separated, and 8% were divorced.
Out of the 6,899 city residents that were at least 16 years of age, 4,317 belonged to the city's labor force; out of which 4,141 were employed and only 176 were unemployed. None of the city's residents were in the Armed Forces. About 77% of the workers were hired by private companies; 8% worked for the government; and 15% were self-employed.
Most of the working population had sales and office support jobs, and management, professional, and related occupations. In terms of industry, most of the working residents belonged in educational, health and social services; professional, scientific, management, administrative, and waste management services; and finance, insurance, real estate, and rental and leasing industries.
Of the 4,141 employed workers in the city, 2,396 were males and 1,745 were females. Most of the males worked in the professional, scientific, management, administrative, and waste management services industry while most of the females were in the educational, health, and social services industry. Median earnings for full-time, year-round male workers were $88,179, while median earnings for full-time, year-round female workers were $38,568 in year 1999.
Based on U.S. Census results for the year 2000, the city had 2,124 students. The same census results show that 40.8% of the city's students were in elementary school; 22.1% were in high school; 22.3% were in college or graduate school; 6.2% were in kindergarten; and 8.6% were in nursery school. About 95.3% of the city's population aged 25 and above were high school graduates, and 51.4% had a bachelor's degree or higher.
There were 3,423 housing units in all in the city. About 66% of the total housing units were single-detached; 18% were single-attached; and 5.2% were mobile homes. The rest were multiple housing units. Most of the housing structures were built between 1960 and 1989. Less than 500 housing units were built from 1990 to March 2000.
There were 3,334 occupied housing units in the city and 38 vacant ones. There were 2,495 owner-occupied housing units, according to census results for the year 2000. Most of them were valued between $300,000 and $999,999, and had median value of $433,800. Around 2,140 owner-occupied housing units had mortgage while 355 had none. About 58% of these housing units had monthly mortgage costs of at least $2,000. Median mortgage costs per month were $2,393.
The city's census results for the year 2000 also indicate that there were 435 renter-occupied housing units, 50% of which had gross rental fees of at least $1,500. None of the housing units were for rent below $500. The median gross rent was $1,582.
Records of the U.S. Census Bureau indicate that Westlake Village had 3,394 households in 1999. Out of the total households, 15.7% had income of at least $200,000; 11.2% had income between $150,000 to $199,999; 20.2% had income between $100,000 and $149,999; 13.5% had income between $75,000 and $99,999; 15.8% had income between $50,000 and $74,999; 8.5% had income between $35,000 and $49,999; 4.8% had income between $25,000 and $34,999; 3.7% had income between $15,000 and $24,999; 2.2% had income between $10,000 and $14,999; and 4.4% had income below $10,000. For the year 1999, the median income of Westlake Village City households was $94,571 while mean earnings were $124,115.
Fifty percent of Westlake Village City households had two vehicles; 22% had at least three vehicles; 26% had one vehicle; and only 2% had none.
Year 2000 census results also show that there were 2,631 families in Westlake Village City. Only 16% of the families had income below $50,000; 15% had income from $50,000 to $74,999; 13% had income from $75,000 to $99,999; 22% had income from $100,000 to $149,999; 14% had income from $150,000 to $199,999; and 20% had income of at least $200,000. Westlake Village City's median family income was $109,310 in 1999. Only 67 families, or 213 individuals, were below the poverty level.
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Additional statistical data for the area is presented below: Please note: differences between the above and below values are related to differing sources, though the ranges are considered to be quite reliable.