Beverly Hills Market 2009: $2,870,000 Median Sale Price Down 20% From 2007, But Prized Land in Flats Sells for $13.4 Million Per Acre
Beverly Hills is perhaps the best branded neighborhood in Los Angeles, known far and wide as the oasis of palm trees and luxury living.
Beverly Hills, however, is not immune to the ills of the real estate market, and has been subject to the same boom and bust cycle of the recent years.
The median home sale price in Beverly Hills in 2009 was of $2,870,000, down 20% from the high of $3,600,000 reached in 2007.
This drop in prices is less dramatic than in neighboring areas such as the Hollywood Hills, which saw a decline in median price of 25% since 2007.
The median condo sale price in Beverly Hills last year was $800,000, down 12% from the high achieved in 2006.
The number of home sales in Beverly Hills have been declining steadily since 2004. Last year sales volume was only 45% of what it was during 2004.
What sold in 2009? Most properties that change hands are not rehabbed, gleaming gems, but out-of-date teardowns or fixer-uppers that will be upgraded by their new owners.
And there is plenty of interest in the Flats. 808 N Camden Drive, a 5 bedroom, 4.5 bath, 3,334 sq ft house on a 12,800 sq ft lot (with two guest houses) sold for $3,471,000, $276,000 above its asking price, in 15 days.
A teardown at 825 N Roxbury Drive on a 22,310 sq ft lot, sold for $3,825,000, slightly below its $4 million asking price, in 13 days.
623 N Maple Drive, a 5 bedroom, 6.5 bath, 5,549 sq ft 1925 Spanish estate on a 16,150 sq ft lot sold for its $6,495,000 asking price in 13 days.
Beverly Hills, with its lofty prices and the grand ambitions its landowners, has also experienced pockets of distress. This development opportunity at 631 N Crescent Drive sold for $6,500,000 as a short sale in October 2009. The site is 34,580 sq ft, pricing the land in this neighborhood at $8.2 million per acre. The property previously sold in March 2008 for $7,900,000.
Another teardown on a one acre lot, 424 Robert Lane, just south of Trousdale Estates, sold for $7,350,000, below its $7,900,000 asking price.
Want to live on Rodeo Drive? It's going to cost you. This Colonial teardown on a 31,000 sq ft lot near the Beverly Hills Hotel sold for $9,500,000 -- or $13.35 million an acre.