The Los Angeles Miracle Mile stands as a trendy cultural mecca, just minutes away from Korea Town, Larchmont, Westwood and Beverly Hills. Strangely, the Miracle Mile is actually about two miles, stretching from Western Avenue to Fairfax Boulevard along the Wilshire Corridor which begins in Downtown Los Angeles and reaches to the Pacific Ocean. The neighborhood is mostly composed of apartments and lofts peppered with condos, cultural exhibitions, and art and entertainment venues. The Miracle Mile spans two Los Angeles city districts.
The area was largely transformed in the mid-twenties by developer A.W. Ross who sought to create a commercial district comparable to downtown Los Angeles out of a rough road and farmland west of Western avenue. The result was the Miracle Mile which attracted huge commercial interest, making Ross’ venture a resounding success. Since that time, the Miracle Mile has managed to stay relevant for over 80 years.
The Miracle Mile boasts a few high rises and multistory commercial buildings like the Variety building and the Samsung building, but it remains mostly a low rise neighborhood. Many of its apartments, condos and commercial properties remain only a few stories high. The low rise buildings reduce the urban aesthetic and inject a hint of suburbia that is refreshing. Many of the apartments rent for between $2000 to $5000 and some studios go for as little as $1000. Condos and houses in the area average between half a million and $1.5 million dollars.
This is definitely a neighborhood for the trendy urban dweller that likes to be just within reach of everything. The Miracle Mile sparkles with the magic of possibility and excitement. It also has a relatively young demographic which ranges between 20-40 year-olds and the seasonal influx of UCLA students. On an average day you will find strolling couples, joggers, and foodies enjoying their favorite meal or beverage at a local eatery or coffee shop. The historic Wiltern Theater and El Rey Theaters are just minutes apart on the Miracle Mile giving way to a bastion of ethnic and local eateries, offering cuisine from India and Italy to Africa and Korea.
The Los Angeles County Museum of Art (LACMA) is undoubtedly one of the crown jewels of the Miracle Mile. It houses a number of fine art collections, hosts cultural events year round and is located only seconds from the La Brea tar pits, a naturally occurring phenomenon in Southern California. The famous Peterson Automotive Museum along with LACMA are among the many museums and cultural spots in the neighborhood.
While the Miracle Mile appears mostly untouched by the economic downturn, the neighborhood has seen some changes. It has seen the demise of a few local businesses and many have been replaced with big box commercial venues and franchises. Additionally a number of newer condos are being developed in the area, along with a luxury car dealership. And while many of the changes have been beneficial, there are markedly more commercial, residential and medical office vacancies. The neighborhood has also seen foreclosures on a few of its condos and single family residences. These changes may be a temporary sign, but shrewd buyers and renters may want to remain vigilant in the current bear real estate market.
Overall, the Miracle Mile has remained relatively stable. The area has many factors working in its favor. Its proximity to Hollywood, UCLA and Beverly Hills has helped to keep this a vibrant and economically resilient neighborhood. The La Brea Tar Pits, Museum Row and its numerous entertainment venues also help to keep the Miracle Mile a hot spot for affluent Angelenos, students, and tourists. Its cultural diversity and proximity to many of Los Angeles’ notable neighborhoods make it a desirable location for those who like accessibility and variety.