Thursday, March 5, 2009

Sunset Strip - Hollywood Hills West Market Round-Up -- February 2009

Although the Dow Jones index had its worst February since the Great Depression, buyers were still purchasing trophy estates in the Sunset Strip / Hollywood Hills West area.
1627 Blue Jay Bird Streets

1627 Blue Jay Way

16 homes sold in this area during February 2009, including a Bird Street showpiece, 1627 Blue Jay Way, that closed for $10,000,000 (asking price $12,995,000) in 82 days. With 5 bedrooms and 7 ba, this new construction masterpiece has 6,550 ft of living area on a 13,370 sq ft lot with an incredible pool and amazing views. Some buyers may be considering Los Angeles real estate as a safe-haven from the tumbling financial markets.1266 Sunset Plaza Hollywood Hills

1266 Sunset Plaza Drive

1267 St Ives Hollywood Hills
1267 St Ives Drive

Two other properties closed above $3.75 million – 1266 Sunset Plaza Drive (sale price $3,925,000, 74 days on market) and 1267 St Ives Drive (sale price $3,800,000, 31 days on market) – demonstrating that good properties that are well-priced and in the most exclusive areas are finding buyers even in these trying times.

1312 Larrabee Hollywood Hills

1312 Larrabee Street

Four houses closed at $770,000 or less in February 2009, two of them REOs. One notable property was 1312 Larrabee Street, located high in the hills in an area of multi-million properties. This fixer was originally listed at $1,099,000, but closed at $705,000 after 170 days on the market. Gone are the days when any opportunity in the hills – fixer, tear-down, distressed property – sells for a cool million.

Jamie Adner