Tiffany at Target Prices - Median Sunset Strip/Hollywood Hills Sale Price $1,000,000 in November 2009, Down from $1,425,000 for 2008
The median home sale price in the Sunset Strip - Hollywood Hills West neighborhood in November 2009 was $1,000,000. It has been declining steadily since 2007 ($1,525,000) and 2008 ($1,425,000) and trailing down over this year (July - $1,237,000 ... August $1,130,000 ... September $1,125,000 ... October - $1,053,750).
The usual culprits -- job losses, unavailable financing, and an abundance of REOs and Short Sales -- have created a drag on the market. Look for the median sale price to continue declining in 2010.
There were, nevertheless, some big ticket sales. 1457 Blue Jay Way in the Bird Streets sold for $5,000,000. This 6 br, 7 ba, 6,600 sq ft house sold for $5,000,000, below its $5,750,000 list price.
8400 Grand View Drive up Laurel Canyon sold for $3,875,000, about $500,000 below its asking price. This high-end modern remodel has 3 br, 4 ba and 3,550 sq ft of living area.
8967 Shoreham Drive, located just north of the Strip, was another home that sold for over $3 million. This 4 br, 4.75 ba home has 4,000 sq ft of living area and sold for $3,200,000, about $800,000 less than its asking price.
9023 Hopen Place, a refurbished modern on a quiet cul-de-sac in the Bird Streets, sold for $2,900,000, about $1,100,000 off its asking price. The home has 3 br, 3 ba, and 2,616 sq ft of living area.
Not everthing has a million dollar price tag in the hills. In fact, a few sales are less than the price of many 1 br condos in the area. 8174 Laurelmont Drive, a foreclosure, sold for $440,000 -- $260,000 less than the original asking price. It has 3 br, 2.5 ba and 1,539 sq ft of living area.
Even some non-distressed properties sold at what seem like discount prices. 8416 Ridpath Drive, with 2 br, 2 ba and 1,248 sq ft of living area, sold for $475,000. (There are likely some owner profits -- the house sold for $189,000 in 2007). With 20% down and a 30-yr fixed mortgage, monthly payments are about $2,550/month -- close to the cost of renting.