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Three New Construction Westwood Home's Enter Escrow In Februrary

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There are 3 new construction homes that have recently gone into escrow in February and I thought I would briefly discuss them since there has been some recent commenting regarding Kelton and other past sales of newer homes.

Pictured left is 2219 S Balsam, LA CA 90064. This house recently entered escrow on 2/8/09 with a list price of $2,095,000. The home started the sales process on 10/4/08, asking $2,459,000, and lasted 121 days on the market with 3 prices changes during the term. While the house is nice, there a few things that didn't impress me. There is no definition of space in the downstairs area. You walk into the front door and immediately see the kitchen, with no separation of living, dining, kitchen or den space. I thought the finishes were slightly above average and looked very much like a spec home. According to the MLS, the home is 5 bedrooms / 4.5 baths, 3,800 sq ft on a 6,075 sq ft lot. If you want to discuss price per sq ft, then it would be $551.32 ppsf if it sold at asking.

The next house pictured to the right is 1938 Westholme Ave., LA CA 90025. This house entered escrow on 2/2/09 with a list price of $2,595,000. The home was on the market 25 days in the current listing term. The house did try to sell last year and was pulled off the market September 23rd when the financial market started to collapse. This house is located in a fantastic location and in my opinnion is almost as good as it gets in this area for a new house. The house feels like a custom home with lots of details throughout and some higher end finishes. The layout makes sense with nice porportioned living areas and rooms. And with a house over 5,000+ sq ft, you still have a nice size backyard. According to the MLS, the home is a 6 bedroom / 5.5 baths, 5,164 sq ft on a 7,250 sq ft lot. Again if you want to go by price per sq ft, that would be $502.52 at the current list price.

The last new construction house to just enter escrow is 1242 Comstock Ave., LA CA 90024. This house entered escrow on 2/10/09 with a list price of $2,980,000. The home had been on the market for 86 days before entering escrow and didn't have any price reductions during the listing term. While it is a spec house, it feels a little more like a custom home. Again, like Westholme, the home has some nice unique details and has higher end finishes throughout. The master suite is extra large with a nice en-suite bathroom, den, and balcony. The junior master is as big as most large masters in the other new construction homes. The living areas, kitchen, and bedrooms are all very spacious. According to the MLS, the home is a 5 bedroom / 5.5 bath, 4,860 sq ft home on a 7,100 sq ft lot. The price per sq ft would be $613.17 if we go off the list price.

All three of these homes are in different areas of Westwood and command different pricing. So going strictly off price per sq ft is a mistake. You have to take into account the house size, lot size, style, layout or flow, finishes, neighborhood, usable yard space, how the house sits on the lot, not to mention the emotional impact of a house and whatever else someone may value as being important (walking distance to shops, schools, etc..). Typically the larger the home the lower the price per sq ft will be, if all things remain equal. But what is ever equal in comparing homes, right?