Price Reduction For This New Construction Cape Cod At 1938 Westholme Ave., LA CA 90025
Labels:
Cape Cod,
New Construction,
Price Reduction
This new construction Cape Code home at 1938 Westholme Ave., LA CA 90025 received a price reduction this week of 3.9% or $116,000, down to $2,879,000. The home was originally listed on 6/19/08 for $2,995,000 and has been on the market for 62 days. According to the MLS, the home is a 6 bedroom / 5.5 baths, 5,164 sq ft of home on a 7,250 sq ft of lot.
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August 21, 2008 12:42 PM
maybe you should show some comps and explain why this is even a remotely possible sales price for a home south of Santa Monica Blvd (and if there are any other 5br+ houses on that street....)
August 21, 2008 6:01 PM
There have been a few houses south of SM that have sold for north of $3m. Not saying this should be one, but there are other large, new construction houses that have sold for that much.
August 21, 2008 6:17 PM
Very good question Anonymous 12:42pm...
When this property first came on the market for $2,995,000, I thought they were dreaming a bit. Even though the house is nicely done inside with quality finishes throughout, as well as having a large house and lot square footage, this price tag is a bit high for the neighborhood. I think most $3,000,000 buyers would prefer to be in Little Holmby for that price versus buying in the south of Santa Monica Blvd. neighborhood. Now you can’t get new construction in Little Holmby for that price, but it looks like, now a days, it might be possible to get a decent teardown/fixer for closer to $2 million and then build a new home on that site. That could be a whole other discussion, so let me review a couple sales in the 90025 area. A newer construction home sold earlier this year at 1955 Thayer Avenue for $2,275,000. The house was built in 2005 and is a 5 + 3.5, 3,300 sq ft of house on a 6,665 sq ft lot. The house only took 6 days on the market to sell. The Thayer house is very close in proximity, but is almost 2,000 sq feet smaller on the house and 600+ sq ft smaller on the lot size. Another recent sale that is close in proximity is 2059 Thayer Avenue. The house is a remodeled 5 + 4.5, 3,573 sq ft home on a 6,359 sq ft lot that sold for $2,095,000 after 14 days on the market. The finishes on this house are not nearly as nice as the new home on Westholme. Another new construction home, just outside the neighborhood, at 1883 Comstock just went into escrow after 5 days on the market. The home is a 5+4.5, 4,200 sq ft home on a 5,270 sq ft lot. The asking price was $2,499,000. You also have a remodeled home on Kerwood that sold earlier this year with multiple offers for $2,390,000 and a new construction home currently pending on Fox Hills Drive around $2,200,000.
Comstock should be a good indicator on what this property should sell for on Westholme. The house on Westholme is just under 1,000 sq ft bigger and over 2,000 bigger on the lot size. So it should at least be selling for more than the home on Comstock. A few additional things I would point out. I would prefer the interior neighborhood of Westholme then the home on Comstock. Additionally, the lot is flat with a good size yard on Westholme versus the slightly sloping lot and small yard at Comstock.
August 22, 2008 11:46 AM
thank for the comp info
August 23, 2008 4:21 PM
Scott, if you are referring to 2131 Fox Hills, that was a tear down bought by a builder in January 2006 for $800k. The new house is 4000 sq. ft. with some high-end finishes. So even if the builder was able to build it for $300/sq. ft. ($1.2M), considering holding costs for 2.5 years (more than $100k) and closing costs (more than $100k), it looks like the builder will lose money on this house at a $2.2M sales price. And, that's not even taking into account the value of the builder's time and effort. Anyone have any thoughts?
August 24, 2008 9:31 AM
I saw that house on fox hills. It had a tiny backyard and was too close to Olympic. I think the builder costs were well below $300 /sf. The finishes were nice though.
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