Monday, April 4, 2011

Ten Million Dollar Listing: Episode 2 - Jamie Adner Tours Three Classic Hollywood Hills Homes -- Come Ride with the Adner Realty Group @ Keller Williams, West Hollywood

In Episode 2 of "Ten Million Dollar Listing", Jamie househunts in the Sunset Strip neighborhood of the Hollywood Hills.

Since the 1920's, when Sunset Boulevard was a dirt road going from Hollywood to the Beach, the Hills has been one of the city's preferred playgrounds -- with many an incredible estate (or folly) constructed by the city's imaginative architects.

Touring Three Classic Hollywood Hills Homes...

First up, "Old Chestnut" -- 8650 Franklin Avenue,, listed at $2,295,000.  This 4 bedroom + 4.5 bath home has an incredible pool and spa with views the city and has all the charm of a 1939 MGM Musical.

Then we're off to..."Connecticut in LA" -- 9237 Flicker Way, listed at $4,050,000.  In the desirable "Bird Streets" neighborhood, this of-another-era 15-room 1938 traditional has beautiful hardwood floors, crown molding, an expansive lot, and views to Catalina.

Finally, we stop above the Sunset Strip at "Urban Hideaway"-- 1444 Queens Road, listed at $1,595,000.  1959 contemporary has saltwater pool, 4 bedrooms + 3 baths, a private retreat in the heart of the city.

More About the Sunset Strip - Hollywood Hills West...

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In the big picture ... 

Prices in the Hollywood Hills have been driven back to 2003 - 2004 levels as the boom of 2007 recedes in the rear view mirror.  The median sale price in 2010 was $1,100,000, down 28% from the peak of the market.

On a positive note, prices are stable: prices in the Sunset Strip - Hollywood Hills West declined only 2.7% from 2009 and 2010.   There continues to be a steady stream of short sales and other distressed properties coming to the market, but the opportunities to purchase deeply discounted quality homes through trustee's sales (foreclosure auctions) or other channels has largely passed.

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In the small picture ... 

The chart above shows the "months' supply of inventory" of homes in the Sunset Strip-Hollywood Hills West over the past 12 months.  In March 2010, there was 8.6 months' supply of homes.  In March 2011, there was 6.4 months' supply of homes.  This is an indication that the market has "tightened up" in the past year, that more homes are going into contract and fewer homes are coming on the market.

Recent market trends are hallmarks of a stabilizing market.  We are riding along the bottom of market where for some time the market may be little changed (coming as a relief to many).