West Hollywood Home Sales Up 300% in Jan - Feb 2010, Market In Dramatic Recovery; Four Sales Top $1,800,000
What a difference a year makes. In January - February 2009, in the thick of the financial crisis, only four homes sold in West Hollywood. In 2010, sixteen homes sold during the first two months of the year, with four closing at $1,800,000 and above.
Buyers have clearly dusted off their hesitations and are plunging into the West Hollywood market, purchasing some beautiful, polished gems.
407 Westbourne Drive, new construction with 3 bedrooms, 3.5 baths, and a pool on a 4,796 lot sold for $2,150,000, below its $2,349,000 asking price, after 103 days on the market.
912 West Knoll Drive, with 3 bedrooms, 3 baths, and 2,583 sq ft of living area (and pool) on a 6,240 sq ft lot, sold for $1,900,000, below its $2,195,000 asking price in 182 days.
410 N La Jolla Avenue, with 3 bedrooms, 3 baths, 2,400 sq ft of living area on a 6,550 sq ft lot (and pool), sold for $1,850,000, $100,000 below its asking price, after a brief 21 days on the market.
One of the largest properties for sale in recent memory closed at $1,800,000 after 189 days on the market, well below its original $2,350,000 asking price. This bespoke architectural property boasts 3,800 sq ft of living area (and pool) on a 13,499 sq ft lot. Buyers are willing to pay a premium for updated, rehabbed properties (first three examples above) and discount unusual and unique properties that will require considerable work to upgrade to contemporary taste.
Only two of the sixteen properties that sold were distressed properties. 727 N Sierra Bonita Avenue, a foreclosure with 3 bedrooms, 3 baths and 2,903 sq ft of living area on a 6,500 sq ft lot sold for $860,000 -- well above its $784,000 asking price -- after 31 days on the market. The other distressed property was a short sale (also on Sierra Bonita) that closed at $701,320.
An excellent fixer opportunity at 606 N Croft Avenue sold for $750,000 just above its $749,000 asking price, after 12 days on the market. This home has 4 bedrooms, 3 baths and 2,153 sq ft of living area on a 6,494 sq ft lot. Look for it to be transformed into a polished gem some time soon.