Likely contenders

Buyers trying to wait out the hottest real estate market in years need wait no longer.

There are pockets in Los Angeles and adjacent communities that real estate agents say are still undervalued.

How can this be? Think about what happens when prices are out of reach: Cubic zirconia becomes a girl’s best friend, Prada bag imitations outsell the real thing and new car devotees browse the “pre-owned” car lot.

Real estate is no different.

When popular neighborhoods become overinflated, consumers search for less known look-alikes. Then these transitioning areas become future high-priced ones. Though you won’t find rock-bottom bargains, these areas offer comparable amenities at more affordable rates than their costly counterparts.

The first step to taking advantage of these communities is to identify your priorities. Want ocean views? A surface-street commute to the downtown office? Quality schools? A pony or two in the backyard? Whatever the priority, there is probably a less expensive alternative community where you can find your ideal home.

Oceanfront: According to real estate brokers who specialize in homes on the sand, the Academy Award for priciest beachfront property would go to three Malibu beach communities: Carbon Beach, Broad Beach and the Colony. Prices begin at $6 million, and listings are few and far between. Of course, the seven- and frequently eight-digit price tag includes the privilege of tanning on quiet beaches with your favorite stars.

Oxnard, 60 miles north of downtown in Ventura County, is worth a look if you fantasize about a home on the Pacific with mild weather. Older homes on the coast in need of a little TLC start at $1 million. Larger, newer homes range from $1.6 million to $1.8 million. And if you don’t mind schlepping your Boogie board a block or two, a home near the water can be purchased for about $500,000.

With tear-downs beginning at $1 million and nice oceanfront homes available in the $1.5-million range, Long Beach is another viable alternative to the pricey shores of Malibu. Check out the Seaside Walk area north of Seal Beach; for a house with a boat dock, Naples Island.

Equestrian: Hidden Hills, a gated community not far from Calabasas shopping and restaurants, is the Secretariat of equestrian communities. But with tear-downs selling for $1.5 million and newer or remodeled homes on desirable lots selling for $2.5 million and up, it could require a Kentucky Derby winner to make the monthly mortgage payment.

Barely five miles north of Hidden Hills, Bell Canyon possesses many of the same attributes but with a lower price tag. Most lots are at least one acre, and horse and hiking trails traverse the gated community. Although Bell Canyon does not have Hidden Hills’ convenient access to Calabasas’ trendy shops and the Ventura Freeway, top lots are available for about $500,000, and nice homes start at $1 million.

The Rancho area of Burbank is not far from the massive Burbank Equestrian Center and adjacent to trail-laden Griffith Park. With four-bedroom homes available in the $700,000 range, this area is worth a look for the equestrian-minded. For those working in the entertainment industry, Burbank’s proximity to many studios and NBC is another plus.

Ample space: Described by Hilton & Hyland broker Mauricio Umansky as “the premier high-end community in the country,” Beverly Park, in the Beverly Hills Post Office area, is home to stars, moguls, entrepreneurs and athletes.

Lots that are measured in acres, mansions that range from 10,000 to 50,000 square feet, strict security, a private park, proximity to the studios and access to shopping and trendy restaurants explain why homes here start at $10 million. But with only about 80 houses, supply is limited. The least expensive listing in North Beverly Park in late May was $14.5 million for a 15,000-square-foot French villa.

Chatsworth, in the northernmost section of the San Fernando Valley, may not typically conjure up visions of mansions on huge lots. But it should. The gated communities of Indian Springs and Indian Falls do not have Beverly Park’s location or star power, but residents do have easy access to the 118 Freeway and a short drive to several private schools.

A 7,500-square-foot house on a flat acre is available in Indian Falls for $1.9 million; and an eight-bedroom house in Indian Springs on two flat acres was listed in May for just under $2.5 million.

Proximity to downtown: No wonder Hancock Park commands top dollar. High-quality custom homes on large lots and tree-lined streets add to the area’s charm.

For those who work downtown, the location is ideal. A five-bedroom home on a desirable Hancock Park street typically ranges from $2 million to $3 million.

The West Adams neighborhood, just south of Pico Boulevard, is home to many older historic properties. With a reemerging downtown just an eight-mile drive away on the 10 Freeway, brokers anticipate the neighborhood’s prices will rise. Four-bedroom, 3,500-square-foot homes are available in the mid-$400,000 range.

Top schools: In addition to beautiful homes and temperate weather, the Palos Verdes Peninsula has some of the best schools in Los Angeles County. Every one of its schools ranks a 10 out of 10 on the California Department of Education’s API index. However, with many homes on the peninsula ranging from $1 million to $4 million, this beautiful area’s scholastic perks are not affordable to all.

To many Angelenos, El Segundo is simply the gateway to LAX. But its residents know better. El Segundo is also home to some high-scoring schools. Fortunately for buyers, home prices are not in the same league as the schools. Homes suitable for families with school-age children are available in the $500,000 range.

Agoura is packed with families attracted by the schools, which are part of the Las Virgenes School District. Houses in the 2,500-square-foot range are available for about $650,000. Agoura’s Willow and Yerba Buena elementary schools, and its local middle and high schools, all scored a 10 on the Academic Performance Index.

If schools are the driving factor in your decision about where to purchase a home, start your research with a visit to the California Department of Education’s Web site at Data1.cde.ca.gov/Dataquest. School Wise Press also has a useful site at www.schoolwisepress.com.

Other cities that get top marks for their schools include Arcadia, Beverly Hills, La Canada Flintridge, Manhattan Beach and San Marino.

Wendy Jaffe is a freelance writer. Her e-mail address is wjaffewrite@aol.com.