Wednesday, June 23, 2010

Los Feliz First Half 2010: Sales up 24% in "Eastside's" Poshest Enclave

In the first half of 2010, sales are up 24% in the Los Feliz neighborhood (which encompasses high-end Los Feliz estates as well as more modest neighborhoods of Atwater Village, Franklin Hills, and part of East Hollywood). Median sale price was $800,000 during this time, down from $885,000 during the same period in 2009.

Since 2007, when the median sale price in Los Feliz was $1,099,000, values have fallen 27%, which is more than Beverly Hills price drops (20%) and close to the price drops in the Hollywood Hills (25%). Values in many neighborhoods have fallen in lockstep as bubble-era financing has evaporated and incomes and numbers of qualifying buyers have declined.
4519 CockerhamAs is seen across the city, trophy properties are trading hands. 4519 Cockerham Drive, a Wallace Neff-designed estate "Los Pavoreales", sold for $4,895,000 -- less than half its original asking price of $9,995,000. The house has 5 bedrooms, 5 baths, with a guest house and is set on nearly two acres.
2349 Nottingham2349 Nottingham Avenue was a quick sale. This 5 bedroom, 5 bath house on a 13,710 sq ft lot was listed for $3,250,000 and sold for $2,900,000 -- after a brief 4 days on the market.
2700 Glendower2700 Glendower Avenue, an Egyptian-inspired 4 bedroom, 4 bath home on a 13,420 sq ft lot sold for $1,495,000. It sold previously in multiple offers in August 2007 for $1,707,000 -- or a price decline of 12% in two and one-half years.
2221 N Catalina2221 N Catalina Street was another quick sale. This 6 bedroom, 5 bath home on a 10,500 sq ft lot sold for $2,500,000, just under its $2,549,000 asking price, after 3 days on the market.

1216 CommonwealthAnd for anyone who protests that these mansions don't reflect what's really transacting in the city -- you are right. Look no further than 1216 N Commonwealth Avenue, a 2 bedroom, 1 bath, 916 sq ft bank-owned property that sold for $224,000 after only 5 days on the market. There are plenty of foreclosures and short sales dotting the landscaping, driving the median price down.

We think the bargain of Los Feliz award must be given to 1749 N New Hampshire Avenue, which sold for $135,000. With 1 (cozy) bedroom, and 1 bath and a total of 480 sq ft of living area on a 1,650 sq ft lot, we expect a high return on investment for this little slice of the California dream.