Thursday, March 6, 2008

West Hollywood Market Round-Up: February 2008

Sunset Tower Hotel - Formerly the Argyle Hotel and St. James Club - West Hollywood, California

West Hollywood (Area 10): Nine homes closed in the West Hollywood area in February, up from six sales in January. Four of the nine properties sold in twenty days or fewer. A semi-framed duplex under construction at the corner of Sherwood and Westbourne sold for $950,000 in five days, demonstrating developers' continued love-affair with the area despite the obstacles to construction there. One excellent buy was 9008 Elevado, in the Norma Triangle, a 2 br, 2 ba micro-house that sold for $783,000. There are currently 57 homes on the market in West Hollywood -- with 30 houses priced $1 - 2 million (53%), six houses priced $2 - 3million, and three houses priced over $3 million.