Tuesday, June 2, 2009

West Hollywood Market Round-Up -- May 2009

554 Westbourne DriveSingle Family. Sales activity picked up last month – seven houses closed in the West Hollywood area in May 2009. The median sale price was $760,000, down significantly from the usual $1 - $1.2 million in 2008.

Only two sales broke the $1 million mark – and those two were barely over that amount.

554 Westbourne Drive in the “West Hollywood West” single-family neighborhood sold for $1,015,000 ($20,000 above asking) after only 5 days on the market. This 2 bedroom, 2 bath 1925 Spanish home has 1,380 sq ft of living area on a 3,889 sq ft lot.

731 N Alta VistaOn the east side of West Hollywood, 731 N Alta Vista Boulevard, a newly remodeled Spanish home with 3 bedrooms, 1.75 bath, 1,433 sq ft of living area on a 7,546 sq ft lot sold for $1,014,000 after only seven days on the market.

There are currently fourteen homes in contract in West Hollywood, and sales should continue at the current rate (or accelerate) within the next few months.

718 N CroftCondo. The condo market has also picked up. 26 condos sold in West Hollywood in May 2009, up from an average of 15 condos per month in the two previous months. The median sale price was $502,000 – down from $510,000 in March and April.

The three highest sales were at 718 N Croft Avenue -- $900,000, $890,000 and $840,000. Again, condo prices topped out at around $900,000. That doesn’t bode well for the scores of units priced above this level that are currently on the market.

There were also bargains to be had. A top floor, 1 bedroom, 1 bath, 855 sq ft rear unit at 1203 N Sweeter Avenue sold for a sweet $329,000 – close to the cost of renting (on a good day.)