Wednesday, March 11, 2009

Beverly Hills Post Office Market Round Up -- February 2009

Beverly Hills Post Office (Area 2) – In the somnolent, tranquil world of the Beverly Hills Post Office neighborhood, barely a whisper was heard in the real estate market in February 2009 when only two houses sold.

Beverly Hills Post Office House
9421 Lloydcrest Drive

9421 Lloydcrest Drive, an “immaculate” 2 bedroom, 2.5 bath 1959 Mid-Century home with pool that was originally listed for $1,850,000, closed for $1,499,000 nearly four months later.

Beverly Hills Post Office House
1739 De Camp Drive

1739 De Camp Drive, a beautiful 2 bedroom, 1.75 bath Vintage Spanish house with a separate 1 bedroom, 1 bath maid’s unit located on a short street off Benedict Canyon sold for $731,000. A steal!

Beverly Hills Post Office Home Sales
Like in the Hollywood Hills, Los Feliz and other neighborhoods of multi-million dollar homes, the number of sales in Beverly Hills Post Office has trended down. Two years ago one in eight homes was in contract in this neighborhood; in 2009, it is more like one in 25 or 30 homes is in contract.

Currently, there are 150 properties on the market in Beverly Hills Post Office – with a median list price of $3,210,000. 18 properties are listed for more than $10,000,000. These trophy estates, many in the Beverly Park neighborhood, are some of the most expensive properties in the Los Angeles area. The reality is, for now, they are not selling.

Six of the eight most expensive homes were put on the market in the past two months. These properties range in price from $20 – 49 million. Just when money is tightest, owners may be forced to sell. That’s why, just like in the lofty world of Manhattan real estate, in a downmarket, the high end falls the farthest.