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.)

Metropol Hollywood Returns, Bank-Owned -- 41-Unit Condo Project Gets Standing O From Public

Everyone in Hollywood loves a comeback.  Metropol, a hip, 41-unit condo project smack in the middle of Hollywood, has emerged from oblivion, and the public has given it the equivalent of a standing ovation.

When Metropol originally came to market last September, we were excited by the modern look, and the quality of design and construction you typically see in West Hollywood and Westside markets.  The lack of sales at Metropol at that time was purely a response to prices that were above market.

But Metropol is back, and in its second act, the project is now bank-owned.  What a difference a few months makes.  Prices on units have been lowered in some cases over 20%, and the units are flying off the shelves.  It's difficult to calculate, but these units appear to be selling below cost.

Although the official opening isn't until July 24, during the pre-launch phase over 30% of the building's units are in reservations.

Prices for 1 br units (920 sq ft) are $369,900 - $399,900. Prices of 2 br units (1200 sq ft) are $399,900 - $499,900. 

Metropol
6001 Carlton Way
Los Angeles, CA  90028

Sold by Revive Real Estate Group

Concerto and EVO South in Downtown Los Angeles - Say Hello Again to Two Favorite Condo Towers in South Park

This weekend we had the chance to revisit two, grand, new construction buildings in Downtown Los Angeles -- Concerto and EVO South.

We are excited to welcome back our old friend Concerto, where units in the 25-story tower are now on sale.  You may remember that last August, 77 units in the Concerto Lofts (pictured above) were sold at a one day "sales event" (i.e. auction).  Since that time, construction on the tower is nearly completed and units on floors 5 - 20 are now on sale.

Concerto's arrival on market has not been without hiccups.  Developer Sonny Astani and Starwood Capital have been tussling for control of the project (Curbed LA offers outstanding blow-by-blow coverage of this saga, from Concertos' bankruptcy proceedings last fall to Astani's embattled relationship with the lender, which was also covered in depth by the Wall Street Journal.)

Each floor at Concerto from levels 5 - 20 contains 12 units -- 8 one bedroom-1 bath units (730 - 909 sq ft) and 4 two bedroom-two bath units (1158 - 1185 sq ft).  A sample 5th floor one-bedroom is priced at $356,000 for 759 sq ft ($469/sq ft).  A sample 5th floor two-bedroom is priced at $535,000 for 1,179 sq ft ($454/sq ft)

We were really pleased to see that the complex is now coming to life with the filling of the salt-water swimming pool.  The completion of the Tai Chi garden can't be far behind!

Down the street at EVO South, the building's 311 units are 83% sold.  This is an incredible feat, given that the building was marketed during the worst part of the financial crisis, and is a testament to the quality and attractiveness of these units.  A sample 7th floor one bedroom - one bath unit facing the Staples Center is priced at $455,000 for 890 sq ft ($511/sq ft).  A sample 14th floor two bedroom-two bath unit with balcony, facing the Staples Center is priced at $730,000 for 1,160 sq ft ($629/sq ft).

We've always loved the clean simplicity of Evo's units and this four-star, "green" building.  Take a stroll down the wool-carpeted halls or by the amazing sixth-floor pool or into one of the hardwood-floored units and you will understand why.

Concerto - Sold by Keller Williams
EVO South - Sold by the Mark Group