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Calabasas, California, is a picturesque and affluent city located in the southwestern San Fernando Valley, nestled against the foothills of the Santa Monica Mountains. Known for its scenic beauty, exclusive gated communities, and high quality of life, it has become a popular residence for celebrities and high-net-worth individuals.

Geography and Location: Calabasas is situated about 30 miles northwest of Downtown Los Angeles. It shares borders with Woodland Hills to the east, Agoura Hills and West Hills to the west, and the Santa Monica Mountains and Malibu to the south. Its location offers a unique blend of suburban tranquility with convenient access to both the urban amenities of Los Angeles and the natural beauty of the mountains and nearby beaches.

Population and Demographics: As of the 2020 U.S. Census, the population of Calabasas was 23,241. Recent estimates for 2023 place the population around 22,227 to 22,808.

• Median Household Income (2023): Approximately $157,938, which is significantly higher than the state and national averages.

• Education: Calabasas boasts a highly educated population, with around 71.3% of residents aged 25 and over holding a Bachelor's degree or higher.

• Diversity: While a majority White population (around 71-76%), Calabasas is also home to notable Asian (around 9-12%) and Hispanic (around 8-9%) communities.

• Age: The median age in Calabasas is around 42-43 years old.

History: The area was originally inhabited by the Chumash Native Americans. The name "Calabasas" is believed to be derived from the Spanish word "calabazas," meaning "pumpkins" or "gourds," possibly due to the abundance of wild gourds in the area, or from a Native American term meaning "where the wild geese fly."

Spanish explorers arrived in the late 18th century. In the 19th century, a significant figure in Calabasas' history was Miguel Leonis, a Basque immigrant who acquired vast lands and became known as the "King of Calabasas." His historic home, the Leonis Adobe, built in 1844, is one of the oldest surviving structures in Los Angeles County and now serves as a museum, offering a glimpse into the region's ranching past.

Calabasas remained largely rural well into the 20th century. It officially incorporated as a city on April 5, 1991, marking its transition into a modern, upscale community.

Economy and Cost of Living: Calabasas has a robust economy, with key industries including Professional, Scientific, & Technical Services, Health Care & Social Assistance, and Educational Services. The median individual income is also considerably higher than state averages.

However, Calabasas is known for its high cost of living, which is estimated to be around 148.7% of the national average, making it one of the most expensive cities in the U.S. Housing costs, in particular, are significantly above average. The median home price can range from $1.4 million to $1.95 million (2023-2024 data).

Attractions and Lifestyle: Calabasas offers a luxurious and family-friendly lifestyle, emphasizing natural beauty and upscale amenities:

• The Commons at Calabasas: This outdoor shopping and dining complex is a central hub, featuring high-end boutiques, popular restaurants, a movie theater, and often attracts celebrity sightings.

• Old Town Calabasas: This charming area preserves the city's historic character with restored buildings, including the original Calabasas Library, and the iconic "hanging tree" (a local landmark).

• Leonis Adobe Museum: A historical landmark offering tours, educational programs, and a look at early California ranch life. Adjacent to it is Calabasas Creek Park, with replicas of 19th-century structures.

• Outdoor Recreation: Calabasas is surrounded by natural beauty. Residents have easy access to hiking, biking, and horseback riding trails in the Santa Monica Mountains, including Malibu Creek State Park and Upper Las Virgenes Canyon Open Space Preserve.

• Calabasas Pumpkin Festival: An annual event in October that celebrates the city's namesake and agricultural roots.

• Excellent Schools: The city is served by the Las Virgenes Unified School District, which is highly regarded for its top-rated public schools, making it attractive to families.

• Gated Communities: Calabasas is known for its many exclusive, guard-gated communities, such as The Oaks, Hidden Hills (an adjacent independent city, often associated with Calabasas), and Calabasas Park, offering privacy and amenities to residents.

Calabasas maintains a strong commitment to preserving open space and its natural environment, with a significant portion of its land protected from development. This commitment, combined with its affluent residential character and proximity to entertainment industry hubs, defines its unique appeal in the greater Los Angeles area.

Purchasing a home in Calabasas, California, is a significant financial undertaking due to its highly desirable location and the corresponding elevated real estate values. Here's a breakdown of the key considerations:

1. High Home Prices and Loan Amounts:

• Median Sold Price (May 2025): The median sold home price in Calabasas was $2,309,000. This is a substantial figure, indicating that most homes in the area fall into the luxury market.

• Implication: This almost universally means that buyers will need to secure a jumbo loan, as standard conforming loan limits are significantly lower.

2. Jumbo Loans are the Norm:

• Conforming Loan Limit (2025 for Los Angeles County): The conforming loan limit for a single-unit property in Los Angeles County (which includes Calabasas) is $1,209,750.

• What this means for you: Any mortgage exceeding this amount is considered a jumbo loan. Since the median home price in Calabasas is well above this, you should prepare to apply for a jumbo loan.

• Jumbo Loan Requirements (typically stricter):

  • Higher Credit Score: Generally, a FICO score of 700-720 or higher is required, with some lenders preferring 740+.

  • Larger Down Payment: While some lenders might offer options with 10% down, a 20% or even 25% down payment is common and often preferred for jumbo loans. For a $2.3 million home, a 20% down payment is $460,000.

  • Lower Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower. This ratio measures your total monthly debt payments (including the new mortgage) against your gross monthly income.

  • Significant Cash Reserves: You'll likely need to show proof of substantial liquid assets (e.g., in savings or investment accounts) to cover several months (often 6 to 12 months, sometimes more for very large loans) of mortgage payments, in addition to your down payment and closing costs.

  • More Rigorous Underwriting: Jumbo loans often involve a more detailed and manual underwriting process, requiring extensive documentation of income, assets, and employment history.

  • Interest Rates: Jumbo loan interest rates can vary. While sometimes slightly higher than conforming loans due to increased lender risk, they can also be competitive depending on market conditions and the borrower's strong financial profile.

Tips for Purchasing a Home in Calabasas:

• Work with Local Experts: Loan Officer Marcel Garcia can help you connect with a real estate agent who has experience in the Calabasas luxury market and with jumbo loans. Together we will navigate the nuances of the local market and the specific lending requirements.

• Pre-Approval is Essential: Marcel Garcia will help you obtain a full pre-approval for a jumbo loan before seriously looking at homes. This will confirm your buying power and make your offer more attractive to sellers in a competitive market.

• Budget Beyond the Mortgage: Ensure your budget accounts for the high monthly payments, property taxes, HOA fees, insurance, and the general higher cost of living in Calabasas.

• Consider Adjustable-Rate Mortgages (ARMs): While fixed-rate mortgages offer stability, ARMs can sometimes offer lower initial interest rates, which might be appealing if you plan to move or refinance within the initial fixed period. However, be aware of the potential for rate increases after the fixed period.

• Be Prepared for Competition: Calabasas is a desirable area, and while the market can fluctuate, be ready to act quickly if you find a home you love.

Buying in Calabasas is an investment in a luxurious lifestyle, but it requires thorough financial planning and a strong understanding of the high-value real estate and lending landscape.

FAQ about Housing & Real Estate in Calabasas, CA:

Home Prices & Market Trends

Q: What is the median home price in Calabasas? A: As of May 2025, the median sale price of a home in Calabasas was $1.6 million. This was down 17.7% compared to last year, but the median sale price per square foot was up 8.1% to $733. Keep in mind that Calabasas has a wide range of properties, from condos to sprawling estates, so individual prices can vary significantly.

Q: How is the housing market trending in Calabasas right now? A: As of May 2025, the Calabasas housing market is considered somewhat competitive. Homes receive an average of 2 offers and sell in around 48 days on the market (compared to 24 days last year). While the median sale price saw a year-over-year decrease, the increase in price per square foot suggests continued underlying demand. The market is described as a "slight seller's market" but with cooling conditions that might lead to a more balanced market.

Q: Are there different types of housing available in Calabasas? A: Yes, Calabasas offers a variety of housing types:

• Single-Family Homes: These make up a large portion of the market, ranging from more modest suburban homes to very large, luxurious estates within gated communities.

• Townhouses & Condos: These offer a more accessible entry point into the Calabasas market, often within communities with shared amenities.

• Gated Communities: Calabasas is particularly known for its numerous gated communities, such as The Oaks, Hidden Hills (though technically separate, often associated), Calabasas Park Estates, and Bellagio. These offer enhanced privacy and security.