Twenty-four homes sold in the Sunset Strip – Hollywood Hills West market during May 2009, with a median sale price of $950,000 and an average 70 days on market.During the previous two months, the median sale price was $1,400,000 and the average days on market was 50.
Attributable to the usual forces – unavailable jumbo loans for cash-strapped high-end buyers – houses in this neighborhood are taking longer to sell and are selling at a lower price point.
1615 Rising Glen Road, a 4 bedroom, 4.5 bath 1958 redone masterpiece, sold for $5,250,000 after almost a year on the market. The original list price was $9,980,000.
8262 Woodshill Trail, an updated 1991 4 bedroom, 4.5 bath home with 4,126 sq ft of living area on a 5850 sq ft lot, sold for $2,750,000, $245,000 below the asking price, after 161 days on the market.
More than half the sales traded hands below the $1 million mark. 8466 Kirkwood Drive, a 2 bedroom, 1 bath cottage sold for $480,000, about $20,000 below its asking price, after 78 days on the market.
There is currently a nine month inventory of homes $1 million and over in the Sunset Strip Hollywood Hills West area, the lowest number months of inventory since July 2007.
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