Tuesday, March 4, 2008

Los Feliz Market Round-Up: February 2008

Griffith Park Observatory, Los Angeles

Los Feliz (Area 22) -- What's striking is the composition of the eight homes that sold in Los Feliz in February 2008. Only two sold for more than $1,000,000 (top price $1,350,000); five sold for $745,000 or less. (The Los Feliz MLS area also includes Atwater Village, where most of the area's lower-priced properties are located.) There are currently 55 Los Feliz listings on the markets priced over $1,000,000. At present sales rates, it will take a very long time to burn off the current inventory. Of the 125 Los Feliz sales last year over $1,000,000, only eight took place during the last three months. The more restrictive loan underwriting standards have clearly put a dent into this recently-booming market. The median sale price in Los Feliz was $483,000 in 2000 and $1,140,000 in 2007 -- 136% appreciation over 7 years.