West Hollywood 2010 (First half): New Construction Sells for $440 - 500/sq ft; Despite Some Sales, Market Still in Doldrums
What they sold for. West Hollywood new construction is selling in the $440 - 500/sq ft range and a number of buildings with few sales finally had units close.
The Vue at 921 San Vicente Boulevard, with five units, had a second sale at $491/sq ft. (List price $999,000 -- closing price $840,000).
8265 Fountain Avenue, with 7 units, had its first closed escrow at $501/sq ft (asking $537/sq ft).
Habitat 15 at 1322 N Detroit Street has had 5 sales (of 15 units) in 2010, with closings at $438/sq ft (asking $470/sq ft).
But one, all 16 units at 841 Westmount are now sold. Five units closed in 2010 at $501/sq ft (asking $533/sq ft). By way of comparison, units sold for $542/sq ft in 2009 (asking $582/sq ft).
Units at the Luminaire at 928 Croft Street are selling at $453/sq ft (asking $480/sq ft) in 2010. 7 of 12 units have closed this year.
One of the five units at 950 N Orange Grove Avenue sold for $400/sq ft ($413/sq ft), the lowest level in the West Hollywood area. (The 2,000+ sq ft area of these units skews the data, and we have excluded it from our "$440 - $500/sq ft" quote). Resale units in West Hollywood are averaging $444/sq ft in 2010, not much different from the higher-quality, undepreciated new buildings.
Many buyers are benefiting from the low prices of new construction as the business-minded sellers (developers, receiver, banks, and the like) are often more willing to make a deal than individual owners.
Prices are flat, plenty of inventory remains, and the market is still skewed in favor of buyers. Those who are qualified and can get into the still-expensive West Hollywood area have a smorgasbord of excellent options.