Tuesday, September 8, 2009

Sunset Strip - Hollywood Hills West Market Round-Up: August 2009

Nineteen homes sold in the Sunset Strip - Hollywood Hills West neighborhood during August 2009, with a median sale price of $1,130,000. Three of these sales were foreclosures.

Five of these sales were over $2 million; six of these sales were between $1 - 2 million. There is currently a 24 month supply of inventory in this neighborhood priced $2 million and over, and a 21 month supply of inventory of homes priced $1 - 2 million.

The highest sale was 1424 Tanager Way, which sold for $3,850,000. This fixer in the Bird Streets has 3 bedrooms, 3 baths, 4,400 sq ft of living area on a 12,709 sq ft lot. Marketed for the first time since 1972, it was originally listed at $6,999,000, and sold for 45% less after 352 days on the market.
Some homes in this area, when priced right, are selling quickly. 8135 Laurel View Drive, with 4 bedrooms, 3.5 baths, 2,946 sq ft of living area on a 13,180 sq ft lot, sold for $2,550,000, slightly below its $2,679,000 asking price, after 35 days on the market.

But there still seems to be a trend of over-pricing that ultimately leads to price reductions. Take 8605 Appian Way. This 3 bedroom, 3 bath, 3,188 sq ft house on a 54,885 sq ft lot high off Sunset Plaza Drive was originally listed at $2,899,000 and sold after price reductions for $2,175,000 (25 % off the original asking price) after 317 days on the market.

Foreclosed properties are still very much part of the Sunset Strip - Hollywood Hills West Market. One sale, 7338 Woodrow Wilson Drive, illustrates that bargains are still to be had. This 3 bedroom, 3 bath house with 2,251 sq ft of living area on a 21,379 sq ft lot sold for $875,000 -- not a bad deal considering the previous transfer in early 2004 valued the property at $1,300,000.