Question about homes in hancock park Los Angeles? I'm seeing a lot of single family homes in Hancock Park area selling for 3-4 million dollars. These are recently built homes and look very modern both in and out. Every year some of these new homes are climbing 300-400k a year whenever its being sold. There's a home that was built in 2014 that was sold for 2 million, then in 2015 sold for 2.6, and 2016 sold for 2.9 million. Now its up for 3.1 million. I'm interested in buying a home in this area, but something smells sorta fishy. What exactly is going on here? Is it safe to buy now? Are home prices in this area actually rising?