Friday, September 24, 2010

Beverly Hills Homes Mount Stunning Comeback and Rebound 6.7% from 2009 Lows; Auguring Better Times for High-End Los Angeles Real Estate?

If Beverly Hills real estate is any indicator, recent reports that 'The Great Recession' ended in 2009 hold true.

The median sale price of Beverly Hills single family homes has made a stunning turnaround from its low of $2,870,000 in 2009, and is now averaging $3,063,000 year-to-date in 2010, up 6.7% from last year.  In spite of the rocky economy, buyers (essentially investors) are looking at Beverly Hills as a safe place to sock away cash that may not be subject to outlier events like the "flash crash" or the likes of Bernie Madoff.

The top sale of the past three months was 1728 Chevy Chase Drive, a 5 bedroom, 7 bath, 7,200 sq ft house on a 20,689 sq ft lot.  This Mediterranean tennis court estate sold for $8,300,000.  It had been listed in January 2009 for $10,995,000. 

630 Mountain Drive, a grand Mediterranean estate on the one of the most exclusive streets in Beverly Hills (just off Sunset, close to Greystone Park), sold for $7,935,110.  This 1964 home is a fixer and has 4 bedrooms, 8 baths, 8,287 sq ft of living area on a full acre lot. 

Distress is not absent from the Beverly Hills market.  907 N Roxbury Drive was sold in Bankruptcy Court for $7,580,000.  This 5 bedroom, 7 bath, 8,394 sq house on a 23,900 sq ft lot is north of Sunset and was built in 1985.

Trousdale Estates was home to 0 Carla Ridge, set on a promontory with views to the Getty, Catalina Island and Downtown.  This 4 bedroom, 7 bath house has 6,200 sq ft of living area and is set on a 20,380 sq ft lot.  It sold for $7,500,000.

An excellent Beverly Hills rehab opportunity came on the market by Greystone Park, close to the Sunset Strip border.  424 Robert Lane, a 1960's period gem with 6 bedrooms, 9 baths, 6,834 sq ft of living area on a full one acre lot sold for $7,500,000 (somewhat off its list price of $10 million).
Finally, 8643 Clifton Way, a little cottage in the flats of Beverly Hills, almost seemed like a deal, selling in a short sale for $900,000.  This 3 bedroom, 2 bath home has 1,286 sq ft of living area on a 5,160 sq ft lot.  Just goes to show it doesn't cost a cool million to live the 90210 lifestyle.