The Spanish house south of Wilshire at 10820 Wilkins Ave, LA CA 90024 received a quick price reduction this week of 2.26% or $55,000, down to $1,295,000. The price correction happened after only 4 days into the current listing period. However, the house was previously on the market for about 6 weeks starting January 4th, 2009 with an asking price of $1,645,000. During that listing period their was one price reduction down to $1,495,000. And on 2/19/09 the property was withdrawn to relist it with a new broker with a new lower price. According to the MLS, the home is a 3 bedroom / 2 bath, 1,678 sq ft home on a 6,211 sq ft lot. 


The 'Market Watch' information regarding this listing is it was previously purchased 2/26/08 for $1,200,000.  With this new reduction, the home is now listed 7.9% higher than the purchase price in 2008.

What Did that Home Sell For?

A month ago the property at 10470 Holman Ave. LA CA 90024 came on the market and created alot of buzz. Within the first few days of coming on the market, with a price tag of $999,000, the property received 18 offers. In this real estate market who would of thought a property would have that many people lining up to purchase. And it wasn't like the house was something amazing either. I thought the house was rather bland and I think many people could accidentally mistake the outside appearance as some kind of duplex or small apartment building. The house did have a nice location in an obviously nice neighborhood that contributed to the demand. And a price under $1mil for the interior neighborhood hasn't been seen in quite a while. Anyhow, the house had 18 offers and closed on 2/25/09 for $1,151,000. According to the MLS, the home is a 4 bedroom / 2.5 bath, 2,427 sq ft home on a 6,630 sq ft lot.

Congress has recently passed some changes to the American Recovery and Investment Act that effects the 'First Time Home Buyer Tax Credit'. The highlights are that it raises the tax credit from $7,500-$8,000 and more importantly it now doesn't need to be repaid back unless you sell the property within 3 years. Previously the provision said the tax credit would have to be repaid back to the government over 15 years. As always, please see your personal tax adviser for how this relates to your specific situation.

First Time Homebuyer Credit

The Spanish house at 10655 Rochester Ave., LA CA 90024 received a price reduction this week of 10.72% or $150,000, down to $1,249,000. The property was listed 29 days ago for $1,399,000 and this is the first price reduction of the listing term. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,570 sq ft on a 6,500 sq ft lot.

Virtual Tour Here

The Spanish house at 1907 Kelton Ave, LA CA 90025 received a price reduction this week of 4.09% or $49,000, down to $1,150,000. This is the 2nd price reduction of the current listing term. The home was listed on 12/3/08 for $1,250,000 and has now been on the market for 83 days. The home is also up for lease at $4,100 per month. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,632 sq ft home on a 6,750 sq ft lot.

Virtual Tour Here

The property at 2239 Selby Ave., LA CA 90064 received a price reduction of 6.45-% or $71,000, down to $1,029,000. This is the 2nd price reduction of the current listing term. The home was listed on 12/12/09 for $1,179,000 and has now been on the market for 74 days. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,550 sq ft home on a 6,054 sq ft lot.

DATE	ADDRESS	BR	BA	SF	LP
02/22/2009 1:00 - 4:00	2255 PROSSER AVE	2	1.00	1,307	$ 895,000
02/22/2009 1:00 - 4:00	2046 GLENDON AVE	2	1.00	1,176	$ 949,000
02/22/2009 1:00 - 4:00	10664 KINNARD AVE	2	1.50	1,791	$ 975,000
02/22/2009 1:00 - 4:00	1903 PROSSER AVE	3	1.00	1,240	$ 999,000
02/22/2009 1:00 - 4:00	10511 EASTBORNE AVE	2	2.00	2,055	$ 999,000
02/22/2009 1:00 - 4:00	2207 CAMDEN AVE	3	2.00	0	$ 1,095,750
02/22/2009 1:00 - 4:00	2017 KERWOOD AVE	2	2.00	1,850	$ 1,149,500
02/22/2009 1:00 - 4:00	1515 KELTON AVE	3	2.00	1,787	$ 1,175,000
02/22/2009 1:00 - 4:00	2010 BENECIA AVE	2	1.50	1,552	$ 1,195,000
02/22/2009 1:00 - 4:00	10347 ILONA AVE	3	1.75	1,721	$ 1,195,000
02/22/2009 1:00 - 4:00	10704 ASHTON AVE	4	3.50	2,268	$ 1,275,000
02/22/2009 1:00 - 4:00	10655 ROCHESTER AVE	3	1.75	1,570	$ 1,399,000
02/22/2009 1:00 - 4:00	1255 CLUB VIEW DR	4	4.00	2,640	$ 1,399,000
02/22/2009 1:00 - 4:00	1236 HOLMBY AVE	4	3.00	1,873	$ 1,485,000
02/22/2009 1:00 - 5:00	10451 Wilkins Ave	3	2.00	2,142	$ 1,500,000
02/22/2009 1:00 - 4:00	651 WARNER AVE	2	2.00	1,921	$ 1,595,000
02/22/2009 1:00 - 4:00	933 WESTHOLME AVE	3	2.00	2,192	$ 1,640,000
02/22/2009 1:00 - 4:00	2377 MALCOLM AVE	4	3.50	3,974	$ 1,795,000
02/22/2009 1:00 - 4:00	11247 HOMEDALE ST	3	2.50	1,979	$ 1,799,000
02/22/2009 1:00 - 4:00	2001 FAIRBURN AVE	4	2.50	2,918	$ 1,799,000
02/22/2009 1:00 - 4:00	10511 ROCHESTER AVE	4	4.00	4,800	$ 1,850,000
02/22/2009 1:00 - 4:00	10447 WILKINS AVE	2	2.50	0	$ 1,850,000
02/22/2009 1:00 - 4:00	10513 HOLMAN AVE	5	2.75	2,828	$ 1,850,000
02/22/2009 1:00 - 4:00	10583 HOLMAN AVE	4	3.50	3,262	$ 2,090,000
02/22/2009 1:00 - 4:00	2357 KELTON AVE	5	5.50	4,400	$ 2,298,000
02/22/2009 1:00 - 4:00	260 LORING AVE	4	3.50	3,491	$ 3,295,000
02/22/2009 1:00 - 4:00	515 DALEHURST AVE	5	5.00	3,908	$ 3,395,000
02/22/2009 1:00 - 4:00	253 CONWAY AVE	6	5.50	4,190	$ 3,495,000
02/22/2009 1:00 - 4:00	707 WESTHOLME AVE	4	3.50	3,835	$ 3,500,000
02/22/2009 1:00 - 4:00	10428 WYTON DR	5	5.50	3,928	$ 4,795,000

DATE	ADDRESS	BR	BA	SF	LP
02/22/2009 1:00 - 4:00	10800 HOLMAN AVE #107	1	2.00	974	$ 419,000
02/22/2009 1:00 - 4:00	1812 Overland Avenue #104	2	2.00	1,174	$ 499,000
02/22/2009 1:00 - 4:00	1818 GLENDON AVE #102	2	2.00	1,029	$ 510,000
02/22/2009 1:00 - 4:00	2223 S BENTLEY AVE #203	3	1.75	1,190	$ 515,000
02/22/2009 1:00 - 4:00	1831 PROSSER AVE #215	2	2.00	1,163	$ 519,000
02/22/2009 1:00 - 4:00	1827 GREENFIELD AVE #205	2	2.00	968	$ 534,000
02/22/2009 1:00 - 4:00	2019 S BENTLEY AVE #5	2	2.50	1,192	$ 537,500
02/22/2009 1:00 - 4:00	2304 S BEVERLY GLEN #502	2	2.00	1,264	$ 579,000
02/22/2009 1:00 - 4:00	10630 Eastborne Ave. #104	2	2.00	1,281	$ 589,000
02/22/2009 1:00 - 4:00	10633 KINNARD AVE #10	2	1.75	1,389	$ 599,000
02/22/2009 1:00 - 4:00	2015 S BEVERLY GLEN BLVD #301	2	2.50	1,312	$ 599,000
02/22/2009 1:00 - 4:00	2015 S BEVERLY GLEN BLVD #301	2	2.50	1,312	$ 599,000
02/22/2009 2:00 - 4:00	2205 South Bentley Avenue #302 #302	2	3.00	1,563	$ 599,000
02/22/2009 1:00 - 4:00	10630 EASTBORNE AVE #203	2	2.00	1,284	$ 612,000
02/22/2009 1:00 - 4:00	1882 PANDORA AVE #16	2	3.00	1,653	$ 619,000
02/22/2009 1:00 - 3:00	2324 S BEVERLY GLEN #207	2	2.00	1,413	$ 624,000
02/22/2009 1:00 - 3:00	2324 S BEVERLY GLEN #207	2	2.00	1,413	$ 624,000
02/22/2009 1:00 - 5:00	10787 WILSHIRE BLVD #401	3	3.00	1,459	$ 629,000
02/22/2009 1:00 - 4:00	10787 WILSHIRE BLVD #404	3	2.50	1,459	$ 629,000
02/22/2009 1:00 - 4:00	1432 CAMDEN AVE #103	2	2.50	1,927	$ 644,000
02/22/2009 1:00 - 4:00	10535 WILSHIRE #605	2	2.00	1,100	$ 645,000
02/22/2009 1:00 - 4:00	10590 WILSHIRE #804	2	2.00	1,312	$ 650,000
02/22/2009 1:00 - 4:00	2347 FOX HILLS DR #101	1	1.50	1,295	$ 675,000
02/22/2009 1:00 - 4:00	1333 S BEVERLY GLEN #801	2	3.00	2,000	$ 679,000
02/22/2009 1:00 - 4:00	1333 S BEVERLY GLEN BLVD #502	2	2.50	2,011	$ 695,000
02/22/2009 12:00 - 4:00	1726 S BENTLEY AVE #102	3	2.00	1,800	$ 699,000
02/22/2009 1:00 - 4:00	1825 S Beverly Glen Boulevard #204	3	3.00	1,689	$ 699,000
02/22/2009 1:00 - 4:00	10501 WILSHIRE BLVD #2003	2	2.00	1,387	$ 699,000
02/22/2009 1:00 - 4:00	1277 S BEVERLY GLEN BLVD #107	2	2.00	1,690	$ 699,000
02/22/2009 12:00 - 4:00	1726 S BENTLEY AVE #PH1	2	2.00	1,500	$ 699,000
02/22/2009 1:00 - 4:00	10390 LA GRANGE AVE #204	2	2.50	1,526	$ 715,000
02/22/2009 1:00 - 4:00	1927 GLENDON AVE #202	2	2.00	1,499	$ 722,500
02/22/2009 1:00 - 4:00	1277 S BEVERLY GLEN #308	2	3.00	1,616	$ 739,000
02/22/2009 1:00 - 4:00	1815 HOLMBY AVE #102	2	2.50	1,735	$ 749,000
02/22/2009 1:00 - 4:00	1878 GREENFIELD AVE #PH2	4	2.50	1,830	$ 750,000
02/22/2009 12:00 - 4:00	1726 S BENTLEY AVE #302	3	2.00	1,800	$ 779,000
02/22/2009 1:00 - 4:00	10720 OHIO AVE #20	3	2.50	1,522	$ 799,000
02/22/2009 1:00 - 4:00	10607 KINNARD AVE #3	2	2.50	1,748	$ 799,000
02/22/2009 1:00 - 4:00	2347 FOX HILLS DR #203	2	2.50	1,567	$ 829,000
02/22/2009 12:00 - 4:00	1726 S BENTLEY AVE #204	3	2.00	1,800	$ 829,000
02/22/2009 1:00 - 4:00	2347 FOX HILLS DR #303	2	2.50	1,567	$ 849,000
02/22/2009 1:00 - 4:00	1820 BENECIA AVE #105	2	2.00	1,983	$ 875,000
02/22/2009 1:00 - 4:00	2347 FOX HILLS DR #404	2	2.50	1,600	$ 879,000
02/22/2009 1:00 - 4:00	1910 MANNING AVE #5A	3	2.50	2,537	$ 899,000
02/22/2009 1:00 - 4:00	1544 CAMDEN AVE #101	2	2.50	2,812	$ 899,000
02/22/2009 1:00 - 4:00	865 COMSTOCK AVE #16D	2	3.00	1,937	$ 1,385,000

A major fixer / teardown just came on the market in lower Westwood at 2255 Prosser Ave., LA CA 90064. The home sits mid block between Olympic and Pico on the West side of the street. According to the MLS, the existing house is a 2 bedroom / 1 bath, 1,307 sq ft home on a 6,075 sq foot lot.

What is interesting is this house was previously on the market last year as a fixer and sold with multiple offers. The house came on the market July 5th, 2008 for $849,000 and sold in 20 days, $11,000 over the asking price for $860,000.

The house is now back on the market with an asking price of $895,000.

The Spanish home at 10447 Wilkins Ave., LA CA 90024 received a price reduction of 7.27% or $145,000, down to $1,850,000. The home was listed on 11/20/08 for $2,195,000 and has been on the market for 44 (+47) days now. According to the MLS, the home is a 2 bedroom / 2.5 bath home, 0 sq ft and 0 sq ft lot.

The property at 10664 Kinnard Ave., LA CA 90024 received a price reduction of 7.05% or $74,000, down to $975,000.  This listing has been on the market 99 days with an initial market price of $1,329,000 and this is the 2nd price reduction of the listing term.  According to the MLS, the home is a 2 bed / 1.5 bath, 1,791 sq ft home on a 5,532 sq ft lot.

The Westwood Little Holmby home at 10428 Wyton Dr., LA CA 90024 received a price reduction this week of 2.04% or $100,000, down to $4,795,000. The property came on the market 127 days ago with an original asking price of $5,395,000. According to the MLS, the home is a 5 bedroom  / 5.5 bath, 3,928 sq ft of home on a 11,325 sq ft lot.

Its seems this seller is getting serious about selling their home with their proactive approach at finding the right market price. Even though the seller has been on the market over 220 days, the last 30 days have been very active for the seller with their re-pricing strategy. With 3 price reductions during the last two weeks, the seller is taking a very proactive approach to find the market price for their home. More actions like this by sellers would help stimulate more sales in the marketplace.

This house at 10704 Ashton Ave., LA CA 90024 received a 1.85% or $24,000 price reduction, down to $1,275,000. This is now the 8th price reduction for this home during the current listing period. According to the MLS the home is a 4 bedroom / 3.5 bath, 2,268 sq ft home on a 8,189 sq ft corner lot. The home was originally listed 7/9/08 for $1,698,000 and has been on for 222 days now.

The 'Market Watch' information regarding this listing is it was previously purchased 5/17/07 for $1,400,000.  With this new reduction, the home is now listed 8.9% lower than the purchase price in 2007. 

This architectural home was designed by the famous architect Richard Neutra and the property is referred to as the Van Cleef Residence of 1942. 651 Warner Ave, LA CA 90024, in the Little Holmby section of Westwood, received a price reduction of  3.27% or $54,000, down to $1,595,000. The property has been on the market now 33 days (+199 days). The home was originally listed 6/20/08 for $2,095,000 and had recieved a half a dozen or so price reductions during that last listing period. The home was withdrawn off the market on the first week of January and then brought back to market a week later with a new price of $1,649,000. This is the first reduction of the latest listing period.  According to public records the home is a 2 bed / 2 bath, 1,921 sq ft of house on a 10,933 sq ft lot.

The 'Market Watch' information regarding this listing is it was previously purchased 3/31/04 for $1,550,000.  With this new reduction, the home is now listed 2.8% higher than the purchase price in 2004.

This house at 10704 Ashton Ave., LA CA 90024 received a 3.78% or $51,000 price reduction, down to $1,299,000. This is now the 7th price reduction for this home during the current listing period. According to the MLS the home is a 4 bedroom / 3.5 bath, 2,268 sq ft home on a 8,189 sq ft corner lot. The home was originally listed 7/9/08 for $1,698,000 and has been on for 221 days now.

The 'Market Watch' information regarding this listing is it was previously purchased 5/17/07 for $1,400,000.  With this new reduction, the home is now listed 7.2% lower than the purchase price in 2007. 

DATE	ADDRESS	BR	BA	SF	LP
02/15/2009 1:00 - 4:00	2341 VETERAN AVE	2	1.00	1,260	$ 750,000
02/15/2009 1:00 - 4:00	10511 EASTBORNE AVE	2	2.00	2,055	$ 999,000
02/15/2009 1:00 - 4:00	10664 KINNARD AVE	2	1.50	1,791	$ 1,049,000
02/15/2009 1:00 - 4:00	2238 N MALCOLM AVE	3	2.00	1,471	$ 1,056,000
02/15/2009 1:00 - 4:00	1515 KELTON AVE	3	2.00	1,787	$ 1,175,000
02/15/2009 1:00 - 4:00	1922 S BENTLEY AVE	4	3.00	2,358	$ 1,195,000
02/15/2009 1:00 - 4:00	2010 BENECIA AVE	2	1.50	1,552	$ 1,195,000
02/15/2009 1:00 - 4:00	2001 KELTON AVE	3	2.00	1,617	$ 1,199,000
02/15/2009 1:00 - 4:00	1907 KELTON AVE	3	1.75	1,632	$ 1,199,000
02/15/2009 1:00 - 4:00	10669 ROCHESTER AVE	3	2.00	1,660	$ 1,270,000
02/15/2009 1:00 - 4:00	10655 ROCHESTER AVE	3	1.75	1,570	$ 1,399,000
02/15/2009 1:00 - 4:00	2041 PARNELL AVE	3	3.50	2,610	$ 1,479,000
02/15/2009 1:00 - 4:00	1236 HOLMBY AVE	4	3.00	1,873	$ 1,485,000
02/15/2009 1:00 - 4:00	250 DENSLOW AVE	3	3.00	2,768	$ 1,495,000
02/15/2009 1:00 - 4:00	651 WARNER AVE	2	2.00	1,921	$ 1,649,000
02/15/2009 1:00 - 4:00	10849 ROCHESTER AVE	3	2.50	1,947	$ 1,699,000
02/15/2009 1:00 - 4:00	2377 MALCOLM AVE	4	3.50	3,974	$ 1,795,000
02/15/2009 1:00 - 4:00	2001 FAIRBURN AVE	4	2.50	2,918	$ 1,799,000
02/15/2009 1:00 - 4:00	10513 HOLMAN AVE	5	2.75	2,828	$ 1,850,000
02/15/2009 1:00 - 4:00	10583 HOLMAN AVE	4	3.50	3,262	$ 2,090,000
02/15/2009 1:00 - 4:00	2357 KELTON AVE	5	5.50	4,400	$ 2,298,000
02/15/2009 1:00 - 4:00	515 DALEHURST AVE	5	5.00	3,908	$ 3,395,000
02/15/2009 1:00 - 4:00	253 CONWAY AVE	6	5.50	4,190	$ 3,495,000
02/15/2009 1:00 - 4:00	707 WESTHOLME AVE	4	3.50	3,835	$ 3,500,000
02/15/2009 1:00 - 4:00	10440 WYTON DR	6	6.00	4,555	$ 3,895,000

DATE	ADDRESS	BR	BA	SF	LP
02/15/2009 1:00 - 5:00	969 HILGARD AVE #409	1	1.00	667	$ 419,000
02/15/2009 1:00 - 4:00	10800 HOLMAN AVE #107	1	2.00	974	$ 419,000
02/15/2009 1:00 - 4:00	10501 WILSHIRE BLVD #1106	1	1.00	598	$ 429,000
02/15/2009 1:00 - 4:00	1812 Overland Avenue #104	2	2.00	1,174	$ 499,000
02/15/2009 1:00 - 4:00	1849 GREENFIELD AVE #203	2	2.00	1,024	$ 499,999
02/15/2009 1:00 - 4:00	2223 S BENTLEY AVE #203	3	1.75	1,190	$ 515,000
02/15/2009 1:00 - 4:00	1340 S BEVERLY GLEN #303	2	1.75	1,201	$ 525,000
02/15/2009 1:00 - 4:00	2019 S BENTLEY AVE #5	2	2.50	1,192	$ 549,000
02/15/2009 1:00 - 4:00	10630 Eastborne Ave. #104	2	2.00	1,281	$ 589,000
02/15/2009 2:00 - 4:00	2205 South Bentley Avenue #302 #302	2	3.00	1,563	$ 599,000
02/15/2009 1:00 - 4:00	2324 S BEVERLY GLEN #207	2	2.00	1,413	$ 624,000
02/15/2009 1:00 - 4:00	10787 WILSHIRE BLVD #404	3	2.50	1,459	$ 629,000
02/15/2009 1:00 - 4:00	10535 WILSHIRE #605	2	2.00	1,100	$ 645,000
02/15/2009 1:00 - 4:00	10535 WILSHIRE #605	2	2.00	1,100	$ 645,000
02/15/2009 2:00 - 5:00	10373 Almayo Ave 205 #205	2	2.00	1,351	$ 649,000
02/15/2009 1:00 - 4:00	10590 WILSHIRE #804	2	2.00	1,312	$ 650,000
02/15/2009 1:00 - 4:00	2347 FOX HILLS DR #101	1	1.50	1,295	$ 675,000
02/15/2009 1:00 - 4:00	1432 CAMDEN AVE #103	2	2.50	1,927	$ 675,000
02/15/2009 1:00 - 4:00	10911 WELLWORTH AVE #1B	2	2.50	0	$ 680,000
02/15/2009 1:00 - 4:00	10535 WILSHIRE #1707	2	2.00	1,100	$ 695,000
02/15/2009 1:00 - 4:00	10535 WILSHIRE #1707	2	2.00	1,100	$ 695,000
02/15/2009 1:00 - 2:00	10535 WILSHIRE #1707	2	2.00	1,100	$ 695,000
02/15/2009 12:00 - 4:00	1726 S BENTLEY AVE #102	3	2.00	1,800	$ 699,000
02/15/2009 1:00 - 4:00	1825 S Beverly Glen Boulevard #204	3	3.00	1,689	$ 699,000
02/15/2009 1:00 - 4:00	1277 S BEVERLY GLEN BLVD #107	2	2.00	1,690	$ 699,000
02/15/2009 12:00 - 4:00	1726 S BENTLEY AVE #PH1	2	2.00	1,500	$ 699,000
02/15/2009 1:00 - 4:00	1815 HOLMBY AVE #102	2	2.50	1,735	$ 749,000
02/15/2009 1:00 - 4:00	1277 S BEVERLY GLEN BLVD #506	2	2.00	1,678	$ 755,000
02/15/2009 1:00 - 4:00	10465 EASTBORNE AVE #306	2	2.50	1,900	$ 759,900
02/15/2009 2:00 - 5:00	865 COMSTOCK AVE #7E	2	2.00	1,492	$ 764,900
02/15/2009 1:00 - 4:00	10501 WILSHIRE BLVD #1101	2	2.00	1,363	$ 775,000
02/15/2009 12:00 - 4:00	1726 S BENTLEY AVE #302	3	2.00	1,800	$ 779,000
02/15/2009 2:00 - 4:00	10433 WILSHIRE #1204	3	3.00	1,824	$ 789,000
02/15/2009 1:00 - 4:00	10911 WELLWORTH AVE #2B	2	2.50	0	$ 790,000
02/15/2009 1:00 - 4:00	10501 WILSHIRE BLVD #2003	2	2.00	1,387	$ 795,000
02/15/2009 1:00 - 4:00	10720 OHIO AVE #20	3	2.50	1,522	$ 799,000
02/15/2009 1:00 - 4:00	10911 WELLWORTH AVE #3B	2	2.50	0	$ 810,000
02/15/2009 1:00 - 4:00	2347 FOX HILLS DR #203	2	2.50	1,567	$ 829,000
02/15/2009 12:00 - 4:00	1726 S BENTLEY AVE #204	3	2.00	1,800	$ 829,000
02/15/2009 1:00 - 4:00	10911 WELLWORTH AVE #4A	2	2.50	0	$ 835,000
02/15/2009 1:00 - 4:00	2347 FOX HILLS DR #303	2	2.50	1,567	$ 849,000
02/15/2009 1:00 - 4:00	1820 BENECIA AVE #105	2	2.00	1,983	$ 875,000
02/15/2009 1:00 - 4:00	2347 FOX HILLS DR #404	2	2.50	1,600	$ 879,000
02/15/2009 11:00 - 2:00	1862 S BENTLEY AVE #303	3	2.50	1,843	$ 879,000
02/15/2009 1:00 - 4:00	1910 MANNING AVE #5A	3	2.50	2,537	$ 899,000
02/15/2009 1:00 - 4:00	10911 WELLWORTH AVE #5B	2	2.50	0	$ 970,000

Another $2,000,000+ home entered escrow yesterday in Westwood. This makes the 4th home listed over $2 mil to go into escrow in February (the 3 other homes were the new construction homes that I posted about yesterday). Its interesting to still see people putting big money down on Westwood property in these uncertain economic and real estate times.

The ultra contemporary house pictured left is located at 2022 Fairburn Ave. LA CA 90025.  The house has been on the market 94 days, without any price reductions, with a list price of $2,395,000. According to the MLS, the home is a 6 bedroom / 7 bath, 4,485 sq ft of home on a 6,075 sq ft lot. The house is completely remodeled throughout with tasteful contemporary finishes.

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?