Tuesday, June 15, 2010

Sunset Strip - Hollywood Hills West Luxury Homes Selling for $690/sq ft - Feathered Nests in Bird Streets Command Top Dollar

What's been happening in the high-end home market in the Hollywood Hills during the past few months? Properties of all prices have been selling, and some big-ticket homes that had been marketed for some time finally reached their clearing price. Average is $690/sq ft for those sales above $1.5 million.
9444 Sierra MarThe biggest sale was 9444 Sierra Mar Place. This home has 3 bedrooms, 5 baths and 5,913 sq ft of living area. Originally listed at $7.9 million, it closed 668 days later at $5.4 millionn, 32% off its original list price. Located in the desirable Bird Streets area.
1305 CollingwoodA little further east, in the Sunset Plaza neighborhood, 1305 Collingwood Place sold for $4.95 million. This home has 5 bedrooms, 4.5 baths and 4,586 sq ft of living area. The house was marketed for 228 days and sold at a 29% discount from its original list price of $6.95 million.

1400 N Doheny
But don't conclude that the market is subject to a 30% discount. 1400 N Doheny Drive (also in the Bird Streets) with 4 bedrooms and 5 baths, sold for $4.08 million, $30K above its asking price, after a brief 24 days on the market.

1232 Sunset Plaza1232 Sunset Plaza Drive in lower Sunset Plaza sold at a 25% discount to its original $5.0 million asking price, closing at $3.775 million. This home has 8 bedrooms, 9.5 baths and is a development opportunity set on more than one acre.
2366 Astral2366 Astral Drive, with 4 bedrooms, 4.5 baths, 3,400 sq ft of living area on a 13,464 sq fot lot, sold for $2.765 million, just below its $2.90 million asking price, after 58 days on the market.
1117 Sierra A WayFinally, anyone doubting the exuberance of the market should look no further than 1117 Sierra Alta Way. This home in the Bird Streets has 3,352 sq ft of living area and a 10,890 sq ft lot, and was listed at $1.495 million. Sound like a deal? Apparently, the buyer felt so. They were in contract 4 days after the house came on the market and paid $1.75 million, 17% over the asking price.