As has been observed in many LA markets, there is price resistance to anything that needs to be financed by a jumbo loan (over $729,750 in Los Angeles County). Currently, there are 56 houses on the market in West Hollywood with a median asking price of $947,000. There is enough $1 million+ inventory for years.
First, the good news. 555 Westbourne Drive, an impressive project by the Sunset Team at Keller Wiliams Hollywood Hills, sold for its $1,950,000 asking price after three days on the market. This spectacular home with pool has 3 bedrooms, 2 baths, 1,998 of living area on a 4,796 lot. This sale in the desirable neighborhood of "West Hollywood West" amounts to $975/sq foot.
Another hasty sale was 9026 Elevado Street, which sold for its $775,000 asking price in nine days. Located near Doheny Drive and Beverly Hills, this fixer has 3 bedrooms, 2 baths, 1,134 sq ft of living area on a 4,500 sq ft lot.
Now, for signs of anemia in the market. 720 N Vista Street, a probate fixer, sold for $620,000. This home has 3 bedrooms, 1 bath, 1,436 sq ft of living area on a 6,300 sq ft lot.
There were two REO (bank-owned) sales. Last year, this spiffy 3 bedroom, 2 bath, 1,229 sq ft house at 8719 Bonner Drive near Cedars Sinai was marketed as a traditional sale for $1,150,000. It was then foreclosed upon and sold in September for $815,000, 29% below its original asking price. The home sold for $602,000 in March 2000, increasing 35% in price in nine and a half years -- approximately 3.7% annually, a figure very close to the annual increase in CPI (consumer price index.)
Finally, another foreclosure sold at 7220 Waring Avenue. This 3 bedroom, 2 bath, 1,422 sq ft house (with unpermitted additions) on a 2,514 sq ft lot had previously sold for $800,000 in July 2006. It closed last month for $565,000 -- 29% below its previous sale price of three years ago.
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