Thursday, May 7, 2009

925 N Genesee Avenue: LUX 925 Luxury Residences in West Hollywood

The four-unit LUX925 loft building has just gone on sale south of Santa Monica Boulevard and east of Fairfax Avenue. These lofts with unique floorplans come with some of the highest ceilings, biggest spaces, most expansive views, and loftiest list prices around.

Address: 925 N Genesee Avenue, West Hollywood, CA 90046
Asking price: $1,149,000 - $1,299,000 (updated 7/7/09)
Number of units in development: 4
Unit type: 2 bedroom, 2.5 bath
Square footage: 1,924 – 2,273 sq ft (interior) and 265 – 870 sq ft (private exterior deck)
HOA: $375/month
Days on Market: 3
The windows are large and the sliding doors are over-sized and glide with ease. The high-end kitchens feature Bosch appliances and other custom German fixtures. The developer did not scrimp on space or materials.
The front facing units, including the model (Unit #3 - above) and the unit below, have excellent light and east-facing views.


The west-facing units (below) are partially compromised by the adjacent buildings, but nevertheless have the same sense of openness.


Bathrooms are large and nicely appointed.

The view from the upper level bedroom of a unit is top-rate.


Each of the units comes with a private rooftop deck. Currently, this building is the tallest in the area and views are excellent in all directions.


If there's any drawback to the building, it's the price, which is in the range of rehabbed pool homes in the vicinity. With a $1,299,000 list price -- and a hefty 25% downpayment ($325,000) -- the monthly cost of a 30 year-fixed mortgage is $6,158/month. Add in $1,353 in property tax and $375 in homeowners dues -- and you're talking about a $7,886 monthly nut.

Bottom Line: The fundamentals -- design, living area, views -- all high caliber. Price could use a haircut.

9 comments:

Anonymous said...

What do you think the starting price of these units should be Jamie?

Jamie Adner said...

These are very nice units. But there are plenty of alternatives -- new construction in West Hollywood/ Hollywood -- and single family homes. I think $899,000 would be a good listing price in this market.

Anonymous said...

Thanks for the answer... Your blog is awesome!

Anonymous said...

$899,000 seems low. 1152 lofts got close to that price-half the square footage-looking at Sanford and Son below.

Jamie Adner said...

Since Jan 1, 2009, only 2 condos in West Hollywood have sold for $900,000 or more -- 718 N Croft #302 ($900,000) and 1050 N Edinburgh ($950,000 -- this unit has 2411 sq ft). There seems to be a big drop-off in sales activity over $900,000. Agreed that $899,000 may be low for a listing price. Buyers are looking for value and unless sellers signal it with today's new, low pricing, buyers will simply move on to the next project. And there are many good ones.

Anonymous said...

I heard the VUE is under contract

Anonymous said...

Okay, but just heard about #5 at The Vue being sold-one you wrote about-at close to 1.3M from a local agent. Interested in both buildings-Lux and The Vue. That raises the price of Genesee for sure, don't you think? The Vue are stacked units--stairs.

Jamie Adner said...

I think the Vue and Lux925 are both quality projects. I'm not surprised Vue #5 sold -- it's a great unit with excellent views and only one neighbor. The affordability is where I see the problem. There is a limited number of buyers willing to make a $300,000 downpayment and to still pay $5,200 a month to live in their $1 million condo.

Anonymous said...

The list price was "$1,269,000" and changed to "$1,149,000", so I think they're starting the price a too high.