Some high end sales show how much the top end of the market has roared back from darkest days of the financial crisis.


1430 Sunset Plaza Drive was another sale that tipped the scales. This newly constructed house on lower Sunset Plaza Drive by Rising Glen sold for $9,100,000, 9% below its $9,995,000 asking price, after 67 days on the market. The house has 5 br, 7 ba, 5,650 sq ft of living area on an 11,330 lot.

Anecdotal evidence shows that the hardest-hit segment of the Los Angeles real estate market is the $1.5 - $3.5 million range. Fewer buyers are able to qualify for the jumbo loans required to make these purchases, resulting in fewer sales and downward pricing pressure. One sale shows how dramatically values have changed.

Currently, in the Sunset Strip - Hollywood Hills West neighborhood there are seven houses listed at over $10 million, 25 houses listed in the $5 - 10 million range, and approximately 80 houses listed in the $2 - 5 million range. Unless owners "capitulate" and acknowledge the recent decline in values for high-end homes, many of these properties will simply not sell.
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