Toluca Lake lies in the San Fernando Valley, 12 miles to the northwest of Downtown Los Angeles. This neighborhood shares a name with the area’s large natural lake. The formation of this lake was the result of the Los Angeles River’s path and the San Fernando Valley’s natural underground aquifers.
The land that makes up present day Toluca Lake has been the site of human habitation for 100s of years, originating with the settlement of the Tongva Indians. This area was later colonized by the Spanish, and became a part of Spain’s Mexican empire. It was ranch land for a while – Toluca Ranch – and then in 1923, the land was purchased by investors and redeveloped as Toluca Lake Park. Today, the adjacent communities of Universal City, Studio City, North Hollywood, and Burbank surround the City of Toluca Lake.
Living in Toluca Lake
Toluca Lake is a scenic area, and as a result, a number of prominent figures in the entertainment industry have purchased homes in this community. Even Nancy and Ronald Reagan chose Toluca Lake as the site of their wedding reception. One of the most well known former residents of Toluca Lake is Amelia Earhart, the famous aviator. Today, her Spanish style home is a tourist attraction that highlights the spot in the yard where she finalized her flight plans to circumnavigate the globe.
The average demographic in Toluca Lake is similar to that of many of the surrounding neighborhoods. The median income hovers between $70,000 and $75,000, with nearly half of Toluca Lake’s residents being college educated. Average household size is relatively low – about 1.9 people per household – and the majority of the city’s residents rent their homes or apartments.
Toluca Lake was home to one of the first post offices in the area – The Toluca Post Office. The establishment of this location occurred after a successful petition by the residents of Toluca Lake in 1893.
Real Estate in Toluca Lake
The properties for sale in Toluca Lake include a mixture of condos or townhouses and single-family homes. The single-family homes in this area usually sell for around $2.5 million while the condos usually go for $550,000 to $600,000. The single family homes in this neighborhood vary in size, with the typical home having 4 or 5 bedrooms and bathrooms – a more spacious layout than your typical suburban home. The condos in this area usually have 2 or 3 bedrooms and 2 or 2.5 bathrooms – perfect for a working professional or a family just starting out.
The price per square foot in Toluca Lake is almost identical to the Los Angeles average, around $450 per square foot. The median home price in this community is slightly less than $800,000 and slowly rising. If you are interested in relocating to Toluca Lake, contact one of our team members to get started on your property search. Now is a great time to invest in a Toluca Lake property.