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Price Reduction For This Westwood Mediterranean On Fox Hills Drive

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This Westwood new construction home at 2131 Fox Hills Dr LA CA 90025 received a small price reduction this week of 3.9% down to $2,495,000. Will this be enough to move this large Mediterranean home off the market? Let’s look at the listing history of this house and see what’s going on. Originally it was listed 9/27/07 for $2,550,000 with agent X. They had it on the market for 81 days with no price reductions. Then it was withdrawn off the market and given to agent Y with a list price of $2,595,000 on 1/31/08. Agent Y has had it on the market for 72 days now and just this week got the 3.9% reduction. So, you’re wondering why a new construction home in Westwood is having such a hard time selling. Well it’s not exactly the house itself that’s holding people back from buying it. The house is really nice inside with high quality finishes and materials. The high asking price has been one factor with hardly any comps in the area that support this price. However, that may change a little with a recent sale on nearby Kerwood for $2,390,000. Some other big factors include the home location on the street and the lot size. According to public records the lot size is a quaint 4,878 sq ft. This is one of the smaller lot sizes in all of Westwood. And when you have a house that’s 4,000+ sq ft, the house size doesn’t leave much room for a yard. Secondly, the house sits at the end of the block of Fox Hills Drive and Lauriston where the all too convenient Ralphs and Olympic Boulevard sit. This location didn't bode so well for a house that sold last year that was directly across the street on Fox Hills Drive. This other house sat on the market for 6 months with price reductions of nearly $300,000 by the time it sold. This recent price reduction is a good start, but I think it will take a little more to make this home sell.

1 comments:
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Anonymous said...
April 12, 2008 at 8:31 AM  

$2.5M for a 5000 s.f. lot is a record (if it sells)!

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