Friday, July 23, 2010

Beverly Center - Miracle Mile, First Half 2010 - Sales, Price on Upswing

Beverly Center - Miracle Mile remains a perennially preferred neighborhood of Los Angeles, and the first six months of 2010 proved to be no exception. There were 112 sales with a median price of $850,000 during the first 6 months of 2010 -- up from 83 sales with a median price $830,000 during the same period in 2009.

Sales activity and median price are both rising, harbingers of an improving, recovering market.  The decline in prices over the past year has created a perceived buying opportunity. Consider that as recently as the first six months of 2008, the median price was still $927,000.

The highest priced sale during the period was 181 S Alta Visa Street Boulevard, a 4 bedroom, 3.5 bath house with 4,075 sq ft of living area on a double, 15,668 sq ft lot. This original Spanish home was designed and occupied by one of the original Spanish builders of the time, and the craftsmanship shows. The selling price was $2,660,000, a few hundred thousand off the $2,950,000 listing price.

 It's not just historical buildings, but new construction is also commanding top dollar.  This 2007 home at 351 N Laurel Avenue with 4 bedrooms, 4.5 baths, 4,451 sq ft of living area on a 6,550 sq ft lot, was listed at $2,200,000 and sold for $2,185,000.
Another example of a high, new construction sale is 8066 Clinton Street, which has 4 bedrooms and 4 baths.  This 2006 home sold for $2,150,000, below its $2,245,000 asking price.
And then there are the quick sales.  1208 S Spaulding Avenue shows just how a property priced well, put on the market at the right time, can "clear" in the blink of an eye.  This home with 2 bedrooms, 2.5 baths, 1,210 sq ft of living area on a 5,271 sq ft lot was listed at $699,000 and sold for $699,000 after 3 days on the market.

Finally, there are the houses that get a lot of love and sell for above the asking price.  Take, for example, 1610 Stearns Drive.  This 2 bedroom, 2 bath house with 1,851 sq ft of living area on a 7,095 sq ft lot was listed at $799,000 and sold for $860,000 after 7 days on the market.  You'd think it's 2005 all over again (although it's distinctly not.)