What is selling in the West Hollywood new construction market?
A calvacade of truly excellent modern, well-designed condo projects has come to market, but it seems the same units are for sale week after week. What has actually gone into escrow?
The units that offer value. Developers who adjust their prices and signal to buyers they're getting a "deal" sell units. Some developers have slashed prices and offered units at deeply discounted levels.
8703 West Knoll Drive presented an excellent value to buyers. Unit #201, with 1 br, 1.5 bath and 1,757 sq ft of living area, sold for $740,000 ($421/sq ft). Unit #103, with 2 br, 2.5 ba and 1,636 sq ft of living area, sold for its $699,000 asking price ($427/sq ft).
Three units sold at 841 Westmount Drive, a sixteen-unit project on sale for more than a year. The townhome style units have 2 br, 2.5 ba and 1,504 sq ft of living area. Two sold for $800,000 ($532/sq ft) and one sold for $775,000 ($515/sq ft). 841 Westmount and the Hancock Lofts are the only new construction projects with a pool.
Three units sold at 1248 Laurel Avenue, The Milano. Penthouse #1 sold for $875,000 (1,740 sq ft, $503/sq ft), #102 sold for $669,000 (1,620 sq ft, $413/sq ft) and #204 sold for $640,000 (1,700 sq ft, $376/sq ft). These units have been marketed since mid-2007 and after many price cuts are now closing at deeply reduced levels from the original pricing.
Two units sold at 1351 Havenhurst Drive ("Habitat in the Park.") Unit #103, with 1 br, 1.5 ba, and 1,254 sq ft of living area, sold for $565,000 ($451/sq ft). Unit #102, with 3 br, 2 ba and 1,968 sq ft of living area, sold for $765,000. ($389/sq ft).
One unit sold at Lorcan O'herlihy's 7917 Willoughby Avenue. Unit #2, with 2 br, 2.5 ba and 1,655 sq ft of living area sold for $790,000 ($477/sq ft.)
In the past two months, the highest $/sq ft for new construction is a resale unit at 825 Kings Road. #11, with 2 br, 2 ba, 1,357 sq ft of living area sold for $880,000 ($648/sq ft). The resale of the unit in this trophy building (designed by Lorcan O'herlihy) adjacent to the Schindler House shows there's still strong demand in a top building.
In the realm of resales, we also see that in spite of the challenging real estate market, condos in West Hollywood are not being given away. Four units units sold at 1131 Alta Loma Road, the Park Wellington. Ranging in size from 740 - 1,171 sq ft, the units sold on average for $510/sq ft.
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