Monday, July 6, 2009

West Hollywood Market Round-Up -- June 2009

Eight houses sold in the West Hollywood area in June 2009 with a median sale price of $915,500, up from the median sale price of $830,000 during the three previous months. None of the June sales was a short sale or a bank-owned (REO) property.

Two June sales show how the market has fallen – or at least how sellers over-valued their properties while prices were falling. Both of these are in the “West Hollywood West” single family neighborhood.

8933 Ashcroft
8933 Ashcroft Avenue, a house with a legal guest house and a pool, sold for $1,350,000 after being originally listed at $1,795,000 in July 2008. The property has 3 bedrooms, 3.5 baths and 2,530 sq ft of living area on a 4,000 sq ft lot.

522 Norwich
522 Norwich Drive, a 2 bedroom, 2 bath, 1,214 sq ft house on a 4,796 sq ft lot sold for $940,000, well below its original $1,250,000 asking price, after 243 days on the market.

Both these sales represent price cuts of 25%.

1236 Greenacre
One West Hollywood home that sold for a surprisingly high price was 1236 Greenacre Avenue. This 2 bedroom, 2 bath 1,209 sq ft home on a 4,960 sq ft lot in the east part of West Hollywood close to LaBrea sold for $830,000, close to its $849,000 asking price.

28 condos sold in June 2009 in West Hollywood. The median sale price was $568,000 –above the median price of $502,000 during the three previous months. Two of these were short sales and two were bank-owned properties (REO).
1152 N LaCienegaOne big condo sale pierced -- and far exceeded -- the $1 million mark. The penthouse unit at 1152 N La Cienega Boulevard sold for $1,485,000, a whopping $500,000 above the next closest condo sale of 2009. This 2 bedroom, 2.5 bath 2,025 sq ft unit with oustized views was originally priced at $1,995,000 and was on the market for 460 days. (Another 25% price reduction.)

Other condo buildings that have been on the market for some time are getting close to being sold out.

718 N Croft Avenue, #201, a 3 bedroom, 2 bath unit with 1,718 sq ft of living area sold for $850,000, below its $949,000 asking price.

7917 Willoughby
After multiple price reductions, two units sold at the Willoughby Lofts at 7917 Willoughby Avenue. Unit # 3, with 1,577 sq ft, was listed at $770,000 and sold for $755,000. Unit #6, listed at $695,000, sold for $645,000, and has 1,454 sq ft.