Wednesday, April 2, 2008

West Hollywood Market Round-Up March 2008

1050 N Gardner West Hollywood California - Condo: Exterior View
Four homes sold in the West Hollywood area in March 2008, well below the number of home sales in March in previous years: 7 (2007), 14 (2006), 18 (2005) and 18 (2004). The average days on market was a scant 13. The highest price sale was 8916 Ashcroft -- 1,012 sq ft house, 4,000 sq ft lot -- clean and presentable -- selling for $1,125,000 -- over $1,000/sq ft.

24 condos sold in March 2008 in West Hollywood -- down from an average of 55 condo sales in the 4 previous years. The average days on market for a condo in West Hollywood was 71. Four sales were over $1 million. The highest sale was 9024 Cynthia -- $1,350,000 -- 1,864 sq ft, redone -- in a prime WeHo location.

The rout in the stock market and tight lending standards clearly made their impact on this high-cost market.

www.adnergroup.com

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