
The average days on market for sales in West Hollywood in January 2008 was 28. The West Hollywood single family home market remains robust in relation to outlying areas. The foreclosure groundswell which has struck the Southern California region has left West Hollywood relatively untouched. The number of Notice of Defaults (NOD) served to property owners’ in arrears in West Hollywood was 2 among the 1395 total records for LA County as of early February 2008.

In spite of the small number of sales in Silver Lake-Echo Park and the weak regional market, values in this neighborhood remain firm. Among these sales were two of the Maltman Bungalows (Maltman Street south of Sunset.) The sale prices of $499,000 and $519,000 net to about $1,000/sq ft – a value rivaling the best homes in West Hollywood or Venice. Two of the seven properties that sold in Silver Lake-Echo Park were over $1 million. The median sale price for single family homes has increased for the past two years, trending from $680,000 in Feb 2006 to $735,000 in Feb 2008 – a $55,000 increase – and an annual appreciation rate of 4.0%.
http://www.adnergroup.com/
No comments:
Post a Comment