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Interesting Case Study At 769 Malcolm |Little Holmby Home Selling 2012 vs 2014|

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What Did That Westwood Little Holmby Home Sell For?

The Westwood Little Holmby home at 769 Malcolm Ave., LA CA 90024 lasted about 17 days on the market before accepting an offer on 9/22/14. This 30's Spanish has a mix of vintage details and updates to kitchen, bathrooms, electrical, plumbing and HVAC system for a move-in condition type home. Situated on the west side of Malcolm, the lot was relatively flat with minimal steps up to the front door. Great curb appeal, flat lot with minimal steps and the updates were the pluses on this house. I would say the smallish backyard and being on the west side of Malcolm (backing up to Hilgard Apartments/frat houses) were the weaker points.

Interestingly, this home creates a data point worthy of some conversation on how the market has reacted from the absolute bottom, which was considered to be 2012. Now remember, one house doesn't make or break the market so we can't make broad assumptions and apply this example to the whole market. But in this example, this house looks to be mostly unchanged from it's 2012 sale, so that makes it a good one to look at. There may have been a few small upgrades, but most of the cosmetic remodeling looks to be the same in this 2014 sale. The 2012 sale price of $1,740,000 vs the 2014 sale price of $2,600,250 represents a 49% increase over those 2 years. This particular house outperformed the market by more than double the avg over those 2 years. Why is that?

Did the previous owner get a smoking deal when they bought it in 2012? I would say so, especially in hindsight. This contributed to the huge gain.

Is this house unique and one of a kind in the neighborhood? I think the house is just average in it's location (inside the Little Holmby neighborhood). And in my opinion, I would say most things about this house are average...from the floorplan to the finishes. So I don't think this house is so special that it should outperform the market no matter what the current state of the market is.

Did the current buyer way overpay? I think the 2014 sale price is relatively inline with what is currently selling in the neighborhood. Recent comps, along with the high demand and scarcity of competing products has alot to do with today's price.

In the end, I think fantastic timing in the previous purchase in a down market has the most to do with this out performance of the average during that time period.

What do you guys think?

On 10/22/14, 769 Malcolm Ave closed about 0.2% over the asking price at  $2,600,250 |$827 $/sf|. According to the MLS, the home is a 4 bedroom / 4 bath, 3,145 sf of living space on a 7,298 sf lot.


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What Did That Comstock Hills Home Sell For At 10307 Eastborne Ave?

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What Did That Westwood Comstock Hills Home Sell For?

The Westwood Comstock Hills home at 10307 Eastborne Ave., LA CA 90024 lasted about 11 days on the market before accepting an offer on 8/29/14. This 20's Spanish is completely remodeled throughout and in move-in condition. On the outside, you see the typical old world Spanish look. But the inside is much more contemporary with it's modern style finishes. You can see pictures here 10307 Eastborne Ave Photos.

This house previously traded back in 2009 in relatively the same condition. There looks to be a few upgrades and some work done in the garage to make it more of a bonus space / home office. But for the most part, it's in similar condition for a comparison on market performance since 2009. The 2009 sale price of $1,837,000 vs the 2014 sale price of $2,320,000 represents a 26% increase over those 5 years. 2009 was in the middle of the sliding market, which finally bottomed out in 2012 before the switch was flipped and the market started booming.

On 10/22/14, 10307 Eastborne Ave closed about 7% under the asking price at  $2,320,000 |$824 $/sf|. According to the MLS, the home is a 3 bedroom / 3 bath, 2,817 sq ft of living space on a 6,678 sq ft lot.



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Westwood Homes Open House Sunday October 19th, 2014

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Westwood Condos Open House Sunday October 19th, 2014

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Westwood Weekly Activity Report October 12th 2014

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This report is for Monday 10/06/14 through Sunday 10/12/14



These stats include all areas of Westwood (90024, 90025, 90064, 90049)
Source: CLAW MLS -Information deemed reliable but not guaranteed.

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What Did That Westwood Home Sell For At 1515 Kelton Ave?

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What Did That Westwood Home Sell For?

The Westwood home at 1515 Kelton Ave., LA CA 90024 lasted about 14 days on the market before accepting an offer on 9/12/14. This 30's Spanish scores well in the walk score,85, with close proximity to shopping/food/parks/etc.. This home has been recently updated but still maintains many character details that keep that 30's style Spanish intact. The previous sale of this property was back in May of 2009 for $1,000,000. Without calculating expenditures on the upgrading since the last purchase, this represents a 54% increase.

On 10/9/14, 1515 Kelton Ave closed about 2.7% over the asking price at  $1,540,000 |$862 $/sf|. According to the MLS, the home is a 3 bedroom / 2 bath, 1,787 sq ft of living space on a 6,700 sq ft lot.



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What Did that Westwood Home Sell For At 1915 Comstock Ave?

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What Did That Westwood Home Sell For?

The Westwood home at 1915 Comstock Ave., LA CA 90025 lasted about 17 days on the market before accepting an offer on 9/26/14. The home originally came on the market 8/11/14 for $1,795,000 and received an accepted offer in the first 2 weeks. A month later the property came back on the market with a price increase of $200,000 and lasted just a few days before going back into escrow over the asking price. This home is situated in a small pocket of homes south of Santa Monica Blvd and east of Beverly Glen. Originally built in the 20's, this home looks to be extensively remodeled throughout and is in move-in condition. For a lot size of just over 5k feet, there is lovely outdoor space in both the front and back yard. High above the street, the front porch makes an excellent to sit back and relax. And in the back, the private and lush landscaping provide a great space for lounging and entertaining, complete with a hot tub.

On 10/16/14, 1915 Comstock Ave closed 4% OVER the asking price at $2,075,000 |$972 $/sf|. According to the MLS, the home is a 4 bedroom / 4 bath, 2,135 sq ft of living space on a 5,570 sq ft lot.



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What Did That Westwood Home Sell For At 2130 Glendon Ave?

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What Did That Westwood Home Sell For?

The Westwood home at 2130 Glendon Ave., LA CA 90025 lasted about 6 days on the market before accepting an offer on 9/8/14. This home was previously purchased back in December of 2013 for $1.1 million as a small 2+1 fixer/teardown traditional by the popular and quality neighborhood builder Mark Stanley. Then 9 months later an expanded and totally renovated house was born. I thought very tasteful and timeless finishes were used throughout the home that should make this Hamptons style traditional desirable for a long time.

On 10/9/14, 2130 Glendon Ave closed at the asking price of  $2,395,000 |$665 $/sf|. According to the MLS, the home is a 5 bedroom / 6 bath, 3,600 sq ft of living space on a 6,075 sq ft lot.



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463 S Bentley Ave Receives 1st Price Reduction

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The Westwood Hills home at 463 S Bentley Ave, LA CA 90049 received a price reduction of 2.18% or $50,000, down to $2,245,000. Listed August 6th, 2014 for $2,295,000, this is the 1st price reduction of the listing term. This 40's single story traditional looks to be mostly remodeled and in move-in condition. This is a rather large flat lot with just under 10k feet, which is not very common for the Westwood Hills neighborhood. There is also a huge guest house in the rear of the lot. I haven't seen a guesthouse this large in the neighborhood either.

According to the MLS, the home is a 3 bedroom / 4 bath, 2,532 sq ft of living space on a 9,827 sq ft lot.



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What Did That Westwood Home Sell For At 10342 Keswick Ave?

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The Westwood home at 10342 Keswick Ave., LA CA 90064 lasted 4 days on the market before accepting an offer on 8/14/14. This 30's Country English home has been remodeled throughout and is in move-in condition. I really liked the rear master suite with it's high ceilings and french doors leading out to a lovely Spanish tiled patio in the private backyard.

On 10/9/14, 10342 Keswick Ave closed about 8.5% over the asking price at  $1,600,000 |$866 $/sf|. According to the MLS, the home is a 3 bedroom / 3 bath, 1,848 sq ft of living space on a 6,501 sq ft lot.



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2143 Kerwood Ave Receives 3rd Price Reduction

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The Westwood home at 2143 Kerwood Ave, LA CA 90025 received a price reduction of 5.33% or $100,000, down to $1,775,000. Listed June 11th, 2014 for $2,195,000, this is the 3rd price reduction of the listing term. Built in 2006, this home is updated and in move-in condition. This could be good for someone looking for a home office. There is the main house on the Kerwood/Olympic corner and then a 2 story guesthouse or office in the back of the property with it's own address on Olympic. In fact, the property is set up so that you could have visitors/clients come through a side entrance to visit your office in the guesthouse. And not have to go through the front of the property.

According to the MLS, the home is a 5 bedroom / 4 bath, 4,052 sq ft of living space on a 6,010 sq ft lot.



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2054 Fairburn Ave Receives 1st Price Reduction

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The Westwood home at 2054 Fairburn Ave, LA CA 90025 received a price reduction today of 1.67% or $20,000, down to $1,179,000 |$/sf 837|. Listed September 3rd, 2014 for $1,199,000, this is the 1st price reduction of the listing term. This 30's traditional has many updates throughout and is in move-in condition. This is currently the least expensive home for sale in Westwood.

According to the MLS, the home is a 2 bedroom / 2 bath, 1,408 sq ft of living space on a 4,969 sq ft lot.



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2319 Prosser Ave Receives 2nd Price Reduction

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The Westwood home at 2319 Prosser Ave, LA CA 90064 received a price reduction today of 4.82% or $81,000, down to $1,599,000 |$/sf 712|. Listed September 3rd, 2014 for $1,750,000, this is the 2nd price reduction of the listing term. This 30's Spanish has been extensively remodeled and is in move-in condition.

According to the MLS, the home is a 3 bedroom / 3 bath, 2,246 sq ft of living space on a 6,071 sq ft lot.



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2213 Greenfield Ave Receives 1st Price Reduction

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The Westwood home at 2213 Greenfield Ave., LA CA 90064 received a price reduction today of 3.3% or $56,000, down to $1,639,000 |$/sf 632|. Listed one month ago for $1,695,000, this is the 1st price reduction of the current listing term.

According to the MLS, the home is a 4 bedroom / 4 bath, 2,593 sq ft of living space on a 6,750 sq ft lot.






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Westwood Homes Open House Sunday October 5th, 2014

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Westwood Condos Open House Sunday October 5th, 2014

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What Did That Westwood Home Sell For At 2265 Prosser Ave?

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What Did That Westwood Home Sell For?

The Westwood home at 2265 Prosser Ave., LA CA 90064 lasted about 10 days on the market before accepting an offer on 9/8/14. This 20's Spanish has been remodeled throughout and is in move-in condition. The backyard featured a small pool, deck and grassy yard. The living room was very spacious for this size of house and has great light and green views out of the windows. The public records and current MLS state the house is about 1,543 square feet. However, a previous MLS listing had this house just under 1,700 sq ft. So its possible this house is bigger than what the public records state.

On 10/3/14, 2265 Prosser Ave closed about 5% over the asking price at  $1,435,000 |$942 $/sf|. According to the MLS, the home is a 3 bedroom / 2 bath, 1,543 sq ft of living space on a 6,752 sq ft lot.



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Westwood Weekly Activity Report September 28th 2014

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This report is for Monday 9/22/14 through Sunday 9/28/14



These stats include all areas of Westwood (90024, 90025, 90064, 90049)
Source: CLAW MLS -Information deemed reliable but not guaranteed.

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1035 Westholme Ave Receives 2nd Price Reduction

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The Westwood Little Holmby home at 1035 Westholme Ave., LA CA 90024 received a price reduction this week of 3.78% or $100,000, down to $2,549,000. The home was listed just under 3 months ago on 7/7/14 for $2,750,000 and this is the 2nd price reduction of the current listing.

According to the MLS, the home is a 5 bedroom / 5 bath, 4,050 sq ft home on a 6,888 sq ft lot.




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What Did That Westwood Home Sell For At 11228 Cashmere St?

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What Did That Westwood Hills Home Sell For?

The Westwood Hills home at 11228 Cashmere St, LA CA 90049 lasted about 67 days on the market before accepting an offer on 7/12/14. Listed May 8th, 2014 for $2,299,000, the property received two price reductions down to $2,148,000 before selling. In fact, after the last price reduction, the home hit the sweet spot and sold in just a few days.
Starting with great curb appeal, this mid 40's Monterey Colonial has been tastefully upgraded with higher ended finishes and is in move-in type condition. The rear yard is mostly pool and some deck for lazy weekend lounging.

On 9/30/14, 11228 Cashmere St closed about -2.8% under the asking price at  $2,087,845 |$705 $/sf|. According to the MLS, the home is a 4 bedroom / 4 bath, 2,960 sq ft of living space on a 6,835 sq ft lot.



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