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Price Chop -- Short Sale Appears In Westwood Hills

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Short sale and Westwood don't typically appear in the same sentence these days. But it seems we have a short sale happening in the Westwood Hills area at 355 S Thurston Ave, LA CA 90049. The house is a Tudor 3 +2, 1,691 sq ft home on a 6,900 sq ft lot. It was previously listed on 1/24/08 at $1,550,000. One month later the house had a price reduction of just 3.87%. Today the house had a dramatic price reduction of 19.35% off the original list price with an added remark that the house was a short sale and subject to lenders approval. According to public records the house was last purchased on 5/10/07 for $1,295,000. If a short sale was to happen in Westwood, this would be one of the streets where it could possibly happen. This particular house backs up to Sepulveda and the 405 freeway. Not many would consider that a highly desirable feature. However, the neighorhood is excellent and for anyone really wanting to get into the north of Wilshire school district, this is a good opportunity to do so for a great price.

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Westwood Single Family Open House List 3/30/08

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WESTWOOD
SINGLE FAMILY HOMES
OPEN HOUSE LIST 3/30/08


2/ 1.50 2377 GLENDON AVE $ 895,000 R 632/C6 2 - 5
3/ 2.00 2143 OVERLAND AVE $ 949,999 R 632/C5 2 - 5
3/ 2.00 10305 LAURISTON AVE $ 959,000 R 632/E4 2 - 5
3/ 2.00 2213 CAMDEN AVE $ 959,000 R 632/C6 2 - 5
3/ 2.00 2367 GREENFIELD AVE $ 969,000 R 632/C6 2 - 5
3/ 2.00 2131 PARNELL AVE $ 1,199,000 R 632/D5 2 - 5
4/ 2.50 2009 FAIRBURN AVE $ 1,569,000 N 632/D4 2 - 5
3/ 3.00 381 DALKEITH AVE $ 1,599,000 R 631/J2 2 - 5
5/ 3.50 11170 MONTANA AVE $ 2,698,000 R 631/J2 2 - 5

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Westwood Condo's Open House List 3/30/08

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WESTWOOD
CONDO OPEN HOUSE LIST FOR SUNDAY 3/30/08

2/ 1.50 1440 VETERAN AVE 336 $ 439,000 R 632/B4 2 - 4
1/ 1.50 1500 CAMDEN AVE 3C $ 445,000 R 632/B4 2 - 5
2/ 1.50 10404 ILONA AVE 4 $ 515,000 R 632/E5 2 - 5
1/ 1.50 1875 S BEVERLY GLEN 105 $ 539,000 N 632/D3 2 - 5
2/ 2.00 10657 N WILKINS AVE 3 $ 549,000 N 632/C3 1 - 4
2/ 2.00 2307 FOX HILLS DR 202 $ 575,000 R 632/E4 2 - 5
2/ 2.00 1340 S BEVERLY GLEN 202 $ 575,000 N 632/D2 2 - 5
2/ 1.00 1710 MALCOLM AVE 303 $ 579,000 R 632/C4 2 - 5
2/ 2.00 10550 WILSHIRE 603 $ 589,000 R 632/C3 2 - 5
2/ 2.00 2332 FOX HILLS DR 202 $ 589,000 N 632/E4 2 - 5
1/ 2.00 10590 WILSHIRE 902 $ 595,000 R 632/C3 2 - 5
2/ 2.50 1567 MANNING AVE A $ 610,000 R 632/C4 2 - 5
2/ 2.00 1639 CAMDEN AVE 201 $ 625,000 R 632/B4 2 - 5
2/ 2.00 1639 CAMDEN AVE 202 $ 625,000 R 632/B4 2 - 5
2/ 2.00 10345 ALMAYO AVE 105 $ 629,000 R 632/E4 1 - 4
2/ 2.00 1633 S BENTLEY AVE 204 $ 629,000 R 632/B4 2 - 5
2/ 2.00 1639 CAMDEN AVE 203 $ 635,000 R 632/B4 2 - 5
2/ 2.00 10336 ALMAYO AVE 103 $ 649,000 R 632/E4 2 - 5
2/ 2.50 1834 CAMDEN AVE 6 $ 649,000 N 632/B5 2 - 5
2/ 2.00 1639 CAMDEN AVE 301 $ 659,000 R 632/B4 2 - 5
2/ 2.00 1639 CAMDEN AVE 302 $ 659,000 R 632/B4 2 - 5
2/ 2.00 2219 S BENTLEY AVE 104 $ 669,000 R 632/B6 2 - 5
2/ 2.00 1509 GREENFIELD AVE 204 $ 679,000 R 632/B4 2 - 5
2/ 2.00 1872 MIDVALE AVE 105 $ 690,000 N 632/B5 1 - 5
2/ 2.00 1639 CAMDEN AVE 101 $ 699,000 R 632/B4 2 - 5
2/ 2.50 1840 VETERAN AVE 105 $ 699,000 R 632/B5 2 - 5
2/ 2.00 1639 CAMDEN AVE 102 $ 725,000 R 632/B4 2 - 5
2/ 2.00 1639 CAMDEN AVE 303 $ 725,000 R 632/B4 2 - 5
2/ 1.75 10671 HOLMAN AVE 102 $ 749,000 N 632/C4 1 - 5
2/ 2.00 10671 HOLMAN AVENUE 102 $ 749,000 N 1 - 5
2/ 3.00 10327 MISSOURI AVE 301 $ 769,000 N 632/D3 2 - 5
3/ 2.50 1655 SELBY AVE 101 $ 779,000 N 632/B4 2 - 5
2/ 2.00 10501 WILSHIRE BLVD 2210 $ 819,000 R 632/C2 1 - 4
2/ 3.00 1551 GREENFIELD AVE 102 $ 825,000 R 632/B4 1 - 4
2/ 2.00 1520 S BEVERLY GLEN BLVD 507 $ 829,500 R 632/D3 2 - 5
2/ 2.50 10664 WILKINS AVE 203 $ 849,000 R 632/C3 2 - 5
3/ 3.00 10676 WILKINS AVE AVE 303 $ 849,000 R 632/C3 2 - 5
2/ 2.50 10535 ASHTON AVE 303 $ 850,000 N 632/C3 2 - 5
2/ 2.00 1550 GREENFIELD AVE 102 $ 859,000 R 632/B4 2 - 5
3/ 3.50 1520 CAMDEN AVE 305 $ 885,000 R 632/B4 2 - 5
3/ 2.50 10720 OHIO AVE 7 $ 899,000 R 632/C3 2 - 5
2/ 2.00 10756 MASSACHUSETTS AVE 5 $ 939,000 R 632/C4 2 - 5
4/ 2.50 1878 Greenfield AVE 305 $ 986,000 R 632/B5 1 - 4
3/ 3.00 865 COMSTOCK AVE 8D $ 1,149,000 R 632/D2 2 - 5
2/ 2.00 10727 WILSHIRE 505 $ 1,395,000 N 632/B3 2 - 5
2/ 2.50 10727 WILSHIRE 406 $ 1,595,000 N 632/B3 2 - 5
2/ 3.00 10790 WILSHIRE BLVD PH2 $ 1,799,000 R 632/B3 2

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Romantic Spanish Home Finally Hits Escrow in Little Holmby

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10743 Lindbrook Dr. LA CA 90024 finally went into escrow this week after being on the market for 112 days. At $2,125,000,this has been one of the lowest priced homes for sale in Little Holmby during the period while it was on the market. I was very surprised to see this home stay on the market this long. For anyone wanting to get into the coveted area north of Wilshire, this home was a great opportunity at the entry level pricing for homes in that area. I thought the home had tons of character and old world Spanish charm to it that buyers usually jump on. But it may have been the uncoventional layout of the home, with the open-air courtyard in the middle opening to all the bedrooms, that slowed people from purchasing the home.

New Entry Into The Under A Million Club

We have a new entry into the 'Under A Million Club' via the price reduction way. 2367 Greenfield Ave, LA CA 90064 is a remodeled 3+2.75, 1,500 sq ft home on a 5,793 sq ft lot. Its been on the market for 22 days. Previously listed at $1,049,000, the new price is $969,000. I swear minutes before I noticed the new price change show up on the MLS, I was speaking to another broker about this specific property. I was saying that the list price should be about $950,000. And lo and behold a few minutes later the house had a price change. You may be wondering how a remodeled house is being priced this low in Westwood. Typically in our market a remodeled house with this square footage would sell for more. Well, there are several reasons as to why this house is priced lower than one million. First, the house is the last house on Greenfield next to Pico. Therefore it sits right on the alley next to Norms. Second, the house doesn't have a conventional type of floor plan. Your first step into the house is right into the kitchen counter. Overall, the house feels more like a quick flip than a custom remodel job.


LISTING HISTORY
3/6/08 $1,049,000 List Date
3/27/08 $969,000 Price Change- Red. 7.63%

Also available for rent for $4,000

New Cellular Phone Number

PLEASE NOTE, I have a new cell phone number. The number is 310.500.6107.

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Market Snapshot Of Westwood Listings $1,000,000-$1,499,000

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WESTWOOD SINGLE FAMILY HOMES
LISTINGS PRICED FROM LEAST TO GREATEST
($1,000,000-$1,499,000 Category)


2367 Greenfield Ave, LA CA 90064 is a remodeled 3+2.75, 1,500 sq ft home on a 5,793 sq ft lot. Its been on the market for 20 days.


LISTING HISTORY
3/6/08 $1,049,000 List Date

Also available for rent for $4,000


2360 Kelton Ave, LA CA 90064 is a very charming remodeled 2+1 Country English 1,211 sq ft home on a 6,345 sq ft lot. Its been on the market for 194 days.

LISTING HISTORY
7/26/07 $1,149,000 List Date
9/19/07 $1,099,000 Price Change-Red. 4.35%
1/29/08 $1,099,000 Withdrawn
3/19/08 $1,089,000 Back on Market-Price Reduction- Red. 5.22% from OLP

10595 Louisiana Ave, LA CA 90025 was built in 2006. It is a 4+3, 2,500 sf home on a 6,627 sf lot. The home has been on the market for 102 days.

LISTING HISTORY
12/17/07 $1,299,900 List Date
3/11/08 $1,099,900 Price Change-Red. 15.39%


10709 Ohio Ave, LA CA 90024 is a traditional 3+1.75 , 1,583 sq sf home on a 6,141 sq ft lot. The home has been on the market for 21 days. This home is a great opportunity for someone looking for a fixer north of Santa Monica Blvd.

LISTING HISTORY
3/05/08 $1,195,000 List Date


2131 Parnell Ave, LA CA 90025 is a remodeled Spanish 3+2, 1,392 sq ft home on a 5,400 sq ft lot. The home has been on the market for 78 days.

LISTING HISTORY
11/09/07 $1,275,000 List Date
12/04/07 $1,199,000 Price Change- Red. 5.96%
12/17/07 $1,199,999 Withdrawn
1/09/08 $1,199,999 Re-listed

2255 Midvale Ave, LA CA 90064 is a Spanish 3+2, 1,692 sq ft home on a 6,750 sq ft lot. This home has been on the market for 69 days.

LISTING HISTORY
1/18/08 $1,295,000 List Date
2/19/08 $1,239,000 Price Change- Red. 4.32%
3/10/08 $1,199,000 Price Change- Red. 7.41% from OLP

1939 N Benecia Ave, LA CA 90025 is a 3+2, 1,787 sq ft home on a 5,750 sq ft lot. This home has been on the market for 36 days.

LISTING HISTORY
2/20/08 $1,295,000 List Date
3/24/08 $1,255,000 Price Change- Red. 3.09%




10632 Ohio Ave, LA CA 90024 is a traditional 3+2.75, 1,933 sq ft home on a 6,500 sq ft lot. The home has been on the market for 62 days during the current listing period.



LISTING HISTORY
8/20/07 $1,395,000 List Date
10/18/07 $1,395,000 Withdrawn
1/25/08 $1,495,000 Re-list
2/20/08 $1,325,000 Price Change- Red. 11.37%

1545 Kelton Ave, LA CA 90024 is a traditional 3+2, 1,477 sq ft home on a 6,708 sq ft lot. The home has been on the market 108 days for the current listing period.

LISTING HISTORY
6/08/07 $1,400,000 List Date
12/10/07 $1,400,000 Expired
12/11/07 $1,400,000 Re-List
2/01/08 $1,350,000 Price Change- Red. 3.57%



10362 Louisiana Ave, LA CA 90025 is a Spanish 3+2, 2,087 sq ft home on a 6,534 sq ft lot. The house has been on the market 323 days.

LISTING HISTORY
4/23/07 $1,450,000 List Date









355 S Thurston Ave, LA CA 90049 is a Tudor 3+2, 1,691 sq ft home on a 6,900 sq ft lot. This home has been on the market for 63 days.


LISTING HISTORY
1/24/08 $1,550,000 List Date
2/25/08 $1,490,000 Price Change- Red. 3.87%




349 S Thurston Ave, LA CA 90049 is a traditional 3+2.5, 2,241 sq ft home on a 5,960 sq ft lot. The home has been on the market for 5 days.

LISTING HISTORY
3/21/08 $1,495,000 List Date



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Property Update On 2345 Parnell Ave.

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Hit those breaks. As fast as I could post that 2345 Parnell Ave, LA CA 90064 was back on the market, it has a new accepted offer and is back in escrow. This property was the best of the remaining fixers on the market and I am not surprised it didn't last long back on the open market.

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Price Reduction Alert For 2337 Glendon Ave.

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Here is an update on a house in the "Under One Million Dollar Price Club" in Westwood. The property location is 2337 Glendon Ave, LA CA 90064. The price reduction is a modest 4.7% from $939,000 down to $895,000. This is one of only 4 currently active properties under one million dollars in Westwood. The house sits on one of the larger lot sizes in the neighborhood at 6,750 sq ft. The condition of the home is very clean and liveable, but would ideally be suited for fixing up.





-The source of the information is based on information from combined L.A./Westside Multiple listing service. Information deemed reliable but not guaranteed

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Back On Market -- Spanish Fixer

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This property at 2345 Parnell Ave, LA CA 90064 is returning to the market after a two an half week stint in escrow. It previously went into escrow on 3/10/08 after being on the market for 137 days. The current asking price is $975,000. The house is a 3+1.75 Spanish home with 1,701 sq ft of house on a 6,075 lot. This house could be lived in now but in all reality is in more of a fixer condition. One of the reasons this house has been on the market so long is the original asking price was too aggressive for a house in this condition. The original list price was $1,100,000.




-The source of the information is based on information from combined L.A./Westside Multiple listing service. Information deemed reliable but not guaranteed.

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Weekly Westwood Inventory Update 3/24/07

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ACTIVE LISTINGS

Westwood Single Family Homes

Price Range
# Of Listings
Average Days On Market

< $999,999


3

63


$1,000,000-$1,499,999

13

81

$1,500,000-$1,999,999

11

58


$2,000,000 <

15

59


Total

42

65


These stats include all areas of Westwood (90024, 90025, 90064).



Source: CLAW MLS -Information deemed reliable but not guaranteed.

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Year-To-Date 2007 vs 2008 Sales Statistics For Westwood Single Famly Homes

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SOLD STATISTICS
Westwood Single Family Homes

Comparing Year-To-Date
2007 vs. 2008
2007
2008
% Change
Median Sales Price
$1,230,000
$1,344,000
+9.26%
Average Sales Price
$1,377,219
$1,588,386
+15.33%
High Sales Price
$3,210,000
$3,100,000
Low Sales Price
$830,000
$810,000
Sales Volume
$41,316,576
$34,944,500
-15.42%
Average Days On Market
66
27
-59.1%
# of Sold
30
23
-23.33
SP/LP
97.46%
98.09%
+0.63

Taking a quick glance at these numbers the median and average prices are significantly up in 2008 ytd vs 2007 ytd. Also the average days on market is almost 60% less this year so far. Sales price to list price is slightly up, meaning sellers are getting slightly closer to their asking price. In my last post I talked about how 1/3rd of all homes sold this year are over the sellers asking price. There has been 8 homes sold over asking so far this year. Last year at this same time only 5 homes got over asking price and thats out of 30 homes sold versus only 23 homes sold this year. Lastly, there are two categories that are down in the chart, sales volume and # of sales. Obviously its been documented all over the place that the sales pace is down just about everywhere in the county. With the tightening of the financial sector its made it difficult to get loans. This has put a damper on the total number of sales.

These stats include all areas of Westwood (90024, 90025, 90064).

Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.

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Westwood....A Sellers Market?

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After just reviewing the sales statistics for my previous post, an interesting stat jumped out at me. A little over 1/3rd of all the sold properties this year had a sales price over the asking price. Currently it appears that Westwood single family homes may be leaning more towards a sellers' market. This is just more evidence that supports Westwood is a very healthy market and has sustained resiliency under tough economic forces.

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Market Update - Westwood Real Estate Sold Statistics

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SOLD STATISTICS (Since 1/1/08)
Westwood Single Family Homes
Median Sales Price$1,344,000
Average Sales Price$1,588,386
High Sales Price$3,100,000
Low Sales Price$810,000
Sales Volume$34,944,500
Average Days On Market27
# of Sold23
SP/LP98.09%

These stats include all areas of Westwood (90024, 90025, 90064).

Source: CLAW MLS -
Information deemed reliable but not guaranteed. Market Activity represents sales from all brokerages.

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Unfinished New Construction Opportunity On Fairburn Ave.

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This property at 2018 Fairburn Ave, 90025 just had a recent price reduction from $1,995,000 to $1,790,000. I think this new price is more appropriate considering the amount of work that needs to be done to finish the house off. A recent comp, one street over on Thayer, recently sold for $2,275,00 for a finished off 2005 year built Spanish style home. This is an excellent opportunity for someone to finish off a house the way they like it and have a new construction home in an excellent location in Westwood. If you have any questions regarding this property feel free to email me @ scott.mcintosh@camoves.com .

Property Review -- 10323 La Grange Avenue, 90025

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This property review is for 10323 La Grange Avenue, LA CA 90025. The home was originally put on the market 2 weeks ago but was taken right off because of a dispute between the sellers. According to the listing agent, the dispute has been resolved and the house is ready to be sold. Additionally, the house recieved 2 offers at the first open house and are currently on the table. Offers are due on Monday March 24th. The house is located on a quiet tree lined street. This traditional style home has 5 bedrooms + 4 baths, is aproximately 3,100 sq ft on a 5,706 sq ft lot. There is also an additional guest or bonus room with a small bath attached on the garage level. With the house being set into the hill, you have two levels. The garage with guestroom level and the main house level. You have a flight of stairs outside to get to the front door. And a spiral staircase from the garage level inside of the house. Additionally, the laundry room is on the garage level. When you first walk into the house you have a rather large living room with a fireplace, great for entertaining. The dining room that ajoins the living room has a bright skylight looking down at the table to give plenty of light. The gourmet kitchen is well appointed with top of the line Viking appliances and granite counters. All of the bedrooms are of good size. Also, there is an extra room that can be used as an office or a 6th bedroom on the main level. So for a big family you would have plenty of bedrooms in this house. The backyard is not spacious, but it does include a patch of grass and a nice patio area. The house is priced at $1,650,000.

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Weekly Westwood Inventory Update 3/17/08

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SINGLE FAMILY HOMES

Westwood Active Listings
__________________

< $999,999 -- 4
$1,000,000-$1,499,999 --12
$1,500,000-$1,999,999 --9
$2,000,000 < --12
Total --37

Average Days On Market (Active Listings)
__________________

< $999,999 --44
$1,000,000-$1,499,999 --67
$1,500,000-$1,999,999 --64
$2,000,000 < --66

Total--60



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Government Announces Conforming Loan Limit Increase

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The Office of Federal Housing Enterprise Oversight (OFHEO) announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans
soon.
Additionally, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.
By raising the conforming loan limit to $729,750 in LA County, we should see a boost in local real estate sales. Buyers that have been sitting on the fence will see a bigger incentive now to purchase with lower interest rates. While the exact rates have yet to be determined, it is presumed that this new ‘conforming jumbo’ loan will be 1/2 to 3/4 of a point lower than the existing jumbo rates. This should positively effect the demand for condo sales in the Westwood area, which have been sluggish as of late. This in turn will help make the condo sellers great prospects for move up buyers for single family homes in the area. Effectively increasing the already
strong demand for single family homes in Westwood.

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Update to 2337 Camden Ave.

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Well in my post from a few days ago I reported that the property had received 7 offers. Well the latest news that I heard was the property had 11+ offers on it and is obviously over the asking price.

Additionally, this property had company with 3 other properties listed for sale with in 2 blocks of it on the same street. 2 of those 3 have received accepted offers as well in the last week, leaving only 1 property left on the street active on the market.

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Property Review -- 2034 Fairburn Ave.

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This is short property review for 2034 Fairburn Ave. in Westwood. Besides the home at 2337 Camden, this is my 2nd favorite home currently active on the market. To start with, the street and neighborhood are grade A. The location of the home sits just south of Santa Monica Blvd. on a beautiful tree lined street with many lovely homes. The street is not a major drive through street either because you can’t enter directly onto the street from Santa Monica Blvd. The house is a nicely remodeled 4 bedroom and 2.5 bath Spanish home with a 2nd story. The master is the only room on the 2nd story and opens to a vine covered patio and grassy backyard. The backyard also has a Spanish tile deck attached, perfect for a barbeque and entertaining area. The rest of the bedrooms, living space and kitchen are all on the first floor. The kitchen is very spacious with higher grade stainless steel appliances. I believe in today’s market the asking price of $1,595,000 is appropriate for the condition and location.

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Multiple Offers on 2337 Camden Ave.

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As reported earlier as my 'can't miss' open house for Sunday March 9th, there was definitely a huge turnout by interested buyers today. The listing agent informed me that she has recieved 7 offers already and the deadline for offers will be Monday March 10th. She expects there possibley will be a few more offers turned in by the deadline. Camden Avenue was definitely buzzing today with 4 properties open for open house in 2 blocks of each other. This property at 2337 Camden was by far the most appealing as evident by the multiple offers already.

Pocket Listings

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You have probley heard this term before, pocket listing. But you may have been wondering what is a 'Pocket Listing' exactly? A pocket listing is usually a seller who would like to sell but does not want to do it on the open market for whatever reason. Some reasons could be that they don't want nosey neighbors finding out they are selling, or they don't want open houses or for sales signs up front of their house, etc.. Or it could be that they would sell if someone made them an offer. Often high priced listings sell in this manner, avoiding the open market, usually for privacy reasons. Whatever the case maybe there are homes that are for sale that are not advertised to the general public, nor the general brokerage community for that matter.


So, as a Coldwell Banker agent I get emailed to me everyday pocket listing from other agents in the area. So if your looking for something specific and may have not seen it on the open market, shoot me an email of what your looking for. It may exist in the pocket listings world. And since our Coldwell Banker network is so vast, its bound to exist somewhere.

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Open House 'Can't Miss' Pick For Westwood -- 3/9/08

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This Spanish house at 2337 Camden Ave. in Westwood is my pick for this Sunday's open house can't miss. The house is a charming 2+2 plus 1+1 guesthouse remodeled to perfection. The gourmet kitchen is well layed out with lots of counter space and opens to the dining and living room area. The master suite is very large with a few walk in closets, attached office space and a beautifully remodeled master bath. The list price is $1,099,000. According to the open house guide, the house will be open from 2-5pm.

If you are not working with an agent, feel free to contact me as your buyers agent to schedule a private showing with this or any other home in the area.



Source-MLS- Information deemed reliable but not guaranteed

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Update --Pending-- 10331 Tennessee Avenue LA CA 90064

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I wanted to give an update to my listing at 10331 Tennessee Avenue LA CA 90064. The property has been in 'Looking for Backup' status. On Thursday March 6th the buyer removed all contingencies and has moved the status to 'Pending'. The sale looks to be complete and will close towards the end of the month. Thanks to all those who showed interest in the property. If there is anything I can help you with, please don't hesitate to ask.

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*For Sale* Westwood Home Listing - 10331 Tennessee Avenue

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