Tuesday, March 16, 2010

Beverly Center - Miracle Mile: "Flats" Attracts Buyers With Central Locale Though 2009 Median Price off 22% From Peak

Median Price Beverly Center Miracle MileThe Beverly Center - Miracle Mile area continues to be a magnet for buyers because the location is central -- just east of the Westside, but within a reasonable driving distance of everywhere from Downtown to the 10 and 101 freeways.

Lots range in size from about 6,000 - 7,500 sq ft (with some lots up to 10,000 sq ft). The highest priced sales are typically refurbished-expanded-rebuilt Spanish style homes with pools, that average about $550/sq ft.

Since the peak of the market in 2007, the median sale price in the Beverly Center - Miracle Mile declined 22% to $875,000 in 2009.

Some highlighted sales of 2009 include the following:

6430 Colgate - Beverly Center6430 Colgate Avenue is the prime example of what attracts buyers in the Beverly Center - Miracle Mile area. Newly constructed, with pool, this home has 3,528 sq ft of living area and was the highest priced sale of 2009 at $2,365,000.
356 Edinburgh Beverly CenterThe Spanish style never seems to go out of fashion. This home at 365 N Edinburgh Avenue sold for $1,975,000. It has 3,790 sq ft of living area and of course, a pool.

119 S Laurel Beverly Center119 S Laurel Avenue has 5 bedrooms, 4.5 baths, and a pool (duh!), and sold for $1,950,000.
6376 LindenhurstAre you seeing a pattern? Yes, more nouveau, Spanish on a large scale. 6376 Lindenhurst Avenue has 3,592 sq ft of living area and sold for $1,900,000.

Foreclosure - Miracle MileIt would be hard to address 2009 sales without mentioning a foreclosure. This 1,123 sq ft fixer on 1136 S Lucerne Avenue sold for a cool $335,000.