Last week the Spanish house on Glendon received a price reduction of $150,000 in order to spur some activity. Well if a price increase is any indication, it looks like it worked. Today the home at 2234 Glendon Ave., LA CA 90064 received a price increase of 4.76% or $50,000, up to $1,100,000. The property was listed 46 days ago on 10/15/09 for $1,200,000. According to the MLS, the home is a 2 bedroom / 2 bath, 1,602 sq ft of living space on a 5,400 sq ft lot. The house is very clean, with an updated kitchen, and is in move-in condition.

2234 Glendon Ave Virtual Tour

What Did That Westwood Home Sell For?

The Westwood Hills traditional at 349 Thurston Ave., LA CA 90049 lasted 96 days on the market before receiving an accepted offer on 10/13/09. The home was listed on 7/9/09 for $1,299,000 and had one price reduction during the listing term. 349 Thurston Ave closed on 11/24/09 with a final sales price of $1,155,000.
According to the MLS, the home is a 3 bedroom / 2.5 bath, 2,241 sq ft of living space on a 5,960 sq ft lot. This home has been remodeled throughout and is in move-in condition.


349 Thurston Ave., LA CA 90024 Picture Tour

What Did That Westwood Home Sell For?

The Little Holmby Spanish at 726 Thayer Ave., LA CA 90024 lasted 224 days on the market before receiving an accepted offer on 9/25/09. The property was listed on 2/10/09 for $2,850,000 and received 2 price changes during the listing term. On 11/25/09, the home closed with a sales price of $2,235,000. According to the MLS, the home is a 6 bedroom / 4.5 bath, 4,327 sq ft of living space on a 6,621 sq ft lot.

726 Thayer Ave., LA CA 90024 Photos

DATE	ADDRESS	BR	BA	SF	LP
11/29/2009 1:00 - 4:00	2146 SELBY AVE	3	1.00	1,594	$ 949,000
11/29/2009 1:00 - 4:00	2343 MANNING AVE	3	2.00	1,791	$ 1,099,000
11/29/2009 1:00 - 4:00	1850 COMSTOCK AVE	3	3.00	1,870	$ 1,350,000
11/29/2009 1:00 - 4:00	11150 W SUNSET	4	3.50	2,474	$ 1,595,000
11/29/2009 1:00 - 4:00	642 THAYER AVE	4	4.00	3,485	$ 1,799,000
11/29/2009 1:00 - 4:00	1249 CLUB VIEW DR	4	4.00	4,042	$ 2,299,900

DATE	ADDRESS	BR	BA	SF	LP
11/29/2009 12:00 - 2:00	1421 Midvale Ave 103 #103	2	2.00	929	$ 439,900
11/29/2009 1:00 - 4:00	1808 MANNING AVE #302	1	1.50	1,133	$ 499,000
11/29/2009 1:00 - 4:00	2304 S BEVERLY GLEN #202	2	1.75	1,263	$ 579,000
11/29/2009 1:00 - 4:00	10787 WILSHIRE #1103	3	3.00	1,459	$ 599,000
11/29/2009 1:00 - 4:00	1933 SELBY AVE #402	2	2.00	1,499	$ 619,000
11/29/2009 1:00 - 4:00	1817 SELBY AVE #203	2	3.00	1,620	$ 649,000
11/29/2009 1:00 - 4:00	1921 MALCOLM AVE #301	3	2.00	1,549	$ 675,000
11/29/2009 1:00 - 4:00	2031 S BENTLEY AVE #301	2	3.00	1,800	$ 749,000
11/29/2009 1:00 - 4:00	1862 S BENTLEY AVE #102	3	3.00	2,200	$ 834,500
11/29/2009 1:00 - 4:00	865 COMSTOCK AVE #8D	3	3.00	1,937	$ 850,000
11/29/2009 1:00 - 4:00	10611 ASHTON AVE #1PH	3	4.00	2,641	$ 1,050,000

DATE	ADDRESS	BR	BA	SF	LP
11/29/2009 1:00 - 4:00	2728 MIDVALE AVE	4	2.00	1,803	$ 1,049,000
11/29/2009 2:00 - 4:00	10787 RICHLAND AVE	5	5.00	4,016	$ 1,450,000

A new listing came on the market last week in the south of Wilshire neighborhood of Westwood with a jaw dropping asking price of $4,450,000. I would bet that most people would be shocked to see a house with an asking price in that range in this neighborhood. Especially since there has never been a public sale over $2.5 million in this south of Wilshire neighborhood, according to the MLS. And while the inside could have amazing finishes and craftsmanship, I find it very difficult that this price can be supported. And even if someone would decide to pay that much, if the buyer was getting a loan, the bank's appraiser would have a near impossible task of appraising the property at that value with virtually no comparable sales. In fact, homes with a sale price in excess of $4 million plus have been extremely rare in Westwood and are mostly reserved for the two prime areas of Westwood; Westwood Hills and Little Holmby.

Should anyone tour the property at an open house or with their agent, I would love to hear your opinion...you can post in the comments below.

The property is located at 10809 Wellworth Ave., LA CA 90024 and according to the MLS, the house is a 5 bedrooms / 6 baths, 6,145 sq ft of living space on a 6,665 sq ft lot.

Check out the video below where I do a driveby of this property and the 2 highest sales ever in this particluar neighborhood.


[For best results, press play then pause, to allow HD video to preload before watching]

This south of Wilshire Westwood home at 10674 Rochester Ave., LA CA 90024 received a price reduction of 2.35% or $30,000 , down to $1,249,000. The property was listed on 10/06/09 for $1,279,000 and now has been on the market 48 days. The property has been off an on the market since 9/18/09, when it started with a list price of $1,595,000. The property was last purchased in 2004 for $1,150,000.
 I believe this biggest reason this property has taken so long to sell is the list price.  Starting at $1.595k hurt the sale of this property and they have been chasing the market down ever since. The house is a decent square footage, has some charm, is livable, and is in a nice location. According to the MLS, the home is a 3 bedroom / 1.5 bath, 1,656 sq ft on a 6,500 sq ft lot.

10674 Rochester Ave Virtual Tour

DATE	ADDRESS	BR	BA	SF	LP
11/22/2009 1:00 - 4:00	2026 OVERLAND AVE	2	1.00	968	$ 789,000
11/22/2009 1:00 - 4:00	2146 SELBY AVE	3	1.00	1,594	$ 949,000
11/22/2009 1:00 - 4:00	2343 MANNING AVE	3	2.00	1,791	$ 1,099,000
11/22/2009 1:00 - 4:00	2310 MIDVALE AVE	2	2.50	1,958	$ 1,199,000
11/22/2009 1:00 - 4:00	10674 ROCHESTER AVE	3	1.75	1,656	$ 1,249,000
11/22/2009 1:00 - 4:00	1850 COMSTOCK AVE	3	3.00	1,870	$ 1,350,000
11/22/2009 1:00 - 4:00	11247 HOMEDALE ST	3	2.50	1,979	$ 1,369,000
11/22/2009 1:00 - 4:00	258 TAVISTOCK AVE	2	3.50	2,606	$ 1,395,000
11/22/2009 1:00 - 4:00	10658 OHIO AVE	3	2.50	2,100	$ 1,399,000
11/22/2009 1:00 - 4:00	10594 KINNARD AVE	3	3.00	2,006	$ 1,499,000
11/22/2009 1:00 - 4:00	10447 WILKINS AVE	2	3.50	0	$ 1,795,000
11/22/2009 1:00 - 4:00	642 THAYER AVE	4	4.00	3,485	$ 1,799,000
11/22/2009 1:00 - 4:00	1701 MIDVALE AVE	4	3.00	3,050	$ 1,890,000
11/22/2009 1:00 - 4:00	322 LORING AVE	4	3.50	4,248	$ 2,750,000

DATE	ADDRESS	BR	BA	SF	LP
11/22/2009 1:00 - 4:00	1340 S BEVERLY GLEN #116	1	1.50	1,106	$ 429,000
11/22/2009 1:00 - 4:00	1831 PROSSER AVE #215	2	2.00	1,163	$ 469,000
11/22/2009 1:00 - 4:00	1808 MANNING AVE #302	1	1.50	1,133	$ 499,000
11/22/2009 11:00 - 1:00	1833 FAIRBURN AVE #201	2	2.00	1,454	$ 549,000
11/22/2009 2:30 - 4:00	10535 WILSHIRE #612	2	2.00	1,037	$ 555,000
11/22/2009 1:00 - 4:00	2304 S BEVERLY GLEN #202	2	1.75	1,263	$ 579,000
11/22/2009 1:00 - 4:00	2304 S BEVERLY GLEN #202	2	1.75	1,263	$ 579,000
11/22/2009 1:00 - 4:00	10787 WILSHIRE #1103	3	3.00	1,459	$ 599,000
11/22/2009 1:00 - 4:00	2263 FOX HILLS DR #201	2	2.00	985	$ 609,000
11/22/2009 1:00 - 4:00	1933 SELBY AVE #402	2	2.00	1,499	$ 619,000
11/22/2009 1:00 - 4:00	1817 SELBY AVE #203	2	3.00	1,620	$ 649,000
11/22/2009 1:00 - 4:00	1921 MALCOLM AVE #301	3	2.00	1,549	$ 675,000
11/22/2009 1:00 - 4:00	1531 CAMDEN AVE #105	2	2.00	1,798	$ 688,500
11/22/2009 1:00 - 4:00	1920 S BEVERLY GLEN #104	2	2.50	1,380	$ 689,000
11/22/2009 2:00 - 4:00	1617 S BEVERLY GLEN BLVD #304	2	2.00	1,635	$ 699,000
11/22/2009 1:00 - 4:00	1551 GREENFIELD AVE #302	2	3.00	2,015	$ 715,000
11/22/2009 1:00 - 4:00	10550 WILSHIRE #1001	2	3.00	1,759	$ 729,000
11/22/2009 1:00 - 4:00	1430 S BEVERLY GLEN #201	2	2.50	1,520	$ 749,000
11/22/2009 1:00 - 4:00	1862 S BENTLEY AVE #102	3	3.00	2,200	$ 834,500
11/22/2009 1:00 - 4:00	1415 CAMDEN AVE #405	3	2.50	2,118	$ 849,000
11/22/2009 1:00 - 4:00	1540 S BENTLEY AVE #301	2	2.50	1,463	$ 869,000
11/22/2009 1:00 - 4:00	1821 FAIRBURN AVE #103	3	2.50	1,847	$ 925,000
11/22/2009 1:00 - 4:00	10319 Almayo #201	3	2.75	2,045	$ 979,000
11/22/2009 1:00 - 4:00	10611 ASHTON AVE #1PH	3	4.00	2,641	$ 1,050,000
11/22/2009 1:00 - 4:00	10611 ASHTON AVE #1PH	3	4.00	2,641	$ 1,050,000

DATE	ADDRESS	BR	BA	SF	LP
11/22/2009 1:00 - 4:00	2583 MIDVALE AVE	3	1.00	0	$ 735,000
11/22/2009 1:00 - 4:00	10328 CRESTA DR	2	1.00	1,607	$ 995,000
11/22/2009 1:00 - 4:00	2728 MIDVALE AVE	4	2.00	1,803	$ 1,049,000
11/22/2009 1:00 - 4:00	2234 GLENDON AVE	2	2.00	1,602	$ 1,050,000
11/22/2009 1:00 - 4:00	10304 NORTHVALE RD	5	3.50	3,188	$ 1,250,000
11/22/2009 1:00 - 4:00	10787 RICHLAND AVE	5	5.00	4,016	$ 1,450,000
11/22/2009 1:00 - 4:00	3140 CLUB DR	5	5.50	5,400	$ 2,895,000

I had written a post a few days ago regarding homes selling at a faster clip than earlier in the year and that I felt the market has definitely been busier lately as evidenced by many short listing periods and multiple offers. I also posed the question that maybe sellers' were starting to price their homes more competitively in order to get quicker sales. A reader posted a comment on that post I thought would be good to share with everyone. The reader pointed out that there is a statistical flaw with only pulling data from homes listed since August 1st, as I did on that post, since they all will have a short DOM. Here is the reader's comment....
 

"I think there is statistical problem with this analysis.. You can get almost anything you want if you present the data this way. Here is why...
If you want to make a case for even shorter times on market ,all you need to do is look at homes in escrow that were listed since October 1 instead of August 1
If you want to make a case for even longer times on market , then just look at all homes in escrow that were listed since May 1 insead of August 1
The point is that by choosing a cutoff date of homes listed since August 1 which then went into escrow, the data is cherry picked for homes with short market times. Homes with long market times are being excluded."

Ron

Here was the response I started writing to Ron's comment...

Ron your point is well taken and I agree with you regarding just taking a sample from that arbitrary date of August 1st. It's definitely something I thought about as I wrote that post.  However, the point I am showing here is a definite shift in the recent activity level in the Westwood market that has resulted in more and more homes selling with a faster days on market than earlier in the year. The reason I picked the last 4 months was to take a snapshot in time...a more current time and see what's happening. Not to go back 5 or 6+ months, because that was a different market. 

But since that perspective has some flaws, I have some more numbers for you that I quickly pulled up right now to further illustrate my point. In the first 6 months of the year (Jan 1st-June 30th 2009), we had 7 homes close with 10 days or less on market, 11 total close under 20 days and 13 total close with a 30 days or less on market.  Compare that with the last 4 3/4 months (July 1st-Nov 19th 2009), we had 28 close or pending with 10 days or less on market, 43 close or pending with 20 days or less on market and 52 close or pending with 30 days or less on market.

In my view, those last stats further support the point I was trying to make. And those numbers will be further lopsided since we have another month + to compare 1st half to the 2nd half of the year.

Lastly, I will say Ron that your main point rings true, you can make statistics bend most anyway you want to make your point. But being in the trenches on a daily basis, just looking at these numbers only backs up what I have been seeing and feeling for several months.

A new REO, Bank Owned, condo hit the market today on Beverly Glen in Westwood. 1617 S. Beverly Glen #105, LA CA 90024 was previously listed as a short sale, starting with an asking price of $650k and ending with an asking price of $450,000 before expiring. The new REO asking price is $435,000 and should not last that long at this price. The 2+2 Townhome is aprox 1,409 sq ft of living space. This particular unit is front facing and features high ceilings in the living room with a loft overlooking the living area. Even though the unit is on the first floor, it's really 1 floor up from the ground. Also in typical REO fashion, this unit is slightly beat up and will need some clean up/renovations. The 24 unit, contemporary style building was built in 1988. Homeowners' dues are $385 a month and include earthquake insurance.  According to the previous MLS records, the owner purchased the unit in 2003 for $450,000. One last thing I will mention is the 2nd bedroom in this unit is very tiny. I would really consider this more of a 1 bedroom with a small office.

What Did That Westwood Home Sell For?

The Spanish house at 2238 Malcolm Ave., LA CA 90064 lasted 46 days on the market before receiving an accepted offer way back on 5/8/09. The home was listed on 2/13/09 for $1,056,000 and received 1 major price reduction during the listing term. Because this home was a short sale it took just over 6 months for the house to close. The home closed on 11/17/09 for $850,000.


According to the MLS, the home is a 3 bedroom / 2 bath, 1,471 sq ft home on a 5,400 sq ft lot.

The Westwood Spanish home at 2031 Kelton Ave., LA CA 90025 received a price reduction of 4.09% or $46,000, down to $1,079,000. The property was listed 69 days ago on 7/26/09 for $1,125,000. According to the MLS, the home is a 3 bedroom / 2 bath, 1,558 sq ft of living space on a 5,400 sq ft lot. The home was previously purchased on 9/18/07 for $1,125,000.

I will be having an open house today from 11-2pm for the Brokers Caravan at my Wilshire Corridor listing @ 10750 Wilshire Blvd. #304. If you are a principal and you think you might want to attend, please rsvp via email to scott.mcintosh@camoves.com (or call 310-979-3942), so I can leave your name at the front desk. Since this is a full service building with tight security, I will need to register you at the front desk in order for you to view the unit.

If you can't make the viewing, below I have a quick video tour I made of the property with my flipcam that you can view. Or feel free to visit the still virtual tour website at www.10750wilshire.com.

If you have been out browsing open houses in Westwood over the last few months, I am sure you have noticed a busier like atmosphere compared to earlier in the year. It's not uncommon to see multiple offers now on homes priced under $1.5, in fact it's almost becoming a regular occurrence. The inventory level has being slowly declining since the beginning of the Summer where we were averaging around +/-80 listings at any one time. Now we are hovering around +/-40 active listings with almost 40 listings currently in escrow. Are more and more sellers being realistic these days with their starting asking price?...that's possible. At least the market data might be supporting that with the relatively shorter market times over the last 4 months. Sellers do have more evidence now of homes that started with unreasonable asking prices and have had to play the reduction game in order to sell, if at all. There obviously is enough buyer demand out there for this neighborhood and the evidence is supporting that if you price it competitively, its going to sell.

If you look below, I have listed all the homes in escrow that have been listed since August 1st 2009 (24) and also homes that were listed since August 1st and have since closed (13). The average days on market for the in-escrow listings is approx. 19 days. For the ones that have already sold, the average days on market is approx. 13 days. That's fairly speedy and reminiscent of the market several years ago.

Key
LP=List Price
BR=Bedrooms
BA=Bathrooms
DOM=Days On Market
LD=List Date

2151 MALCOLM AVE	$750,000	4	3.50	1	11/09/09
326 S GLENROY AVE	$1,599,000	4	3.00	3	11/06/09
256 S THURSTON AVE	$889,000	3	2.50	6	10/23/09
2110 SELBY AVE	$1,649,000	4	4.50	14	10/22/09
2017 MANNING AVE	$829,000	2	1.00	9	10/22/09
1933 WESTHOLME AVE	$1,595,000	4	3.50	12	10/22/09
2326 KELTON AVE	$749,000	2	1.00	8	10/15/09
2230 OVERLAND AVE	$949,000	3	1.75	7	10/15/09
10564 LAURISTON AVE	$989,000	2	1.75	3	10/14/09
2227 VETERAN AVE	$978,000	3	2.00	20	10/08/09
2351 MIDVALE AVE	$1,129,000	3	2.75	5	10/07/09
811 WARNER AVE	$1,750,000	3	1.75	12	10/04/09
10320 CALVIN AVE	$995,000	2	2.00	7	09/30/09
2054 MALCOLM AVE	$1,050,000	3	2.50	32	09/28/09
1948 PARNELL AVE	$2,099,000	5	4.00	48	09/18/09
2036 LINNINGTON AVE	$998,000	2	1.75	5	09/18/09
1943 PELHAM AVE	$1,350,000	4	2.00	15	09/18/09
1412 WARNALL AVE	$2,145,000	5	4.00	7	09/17/09
1610 S COMSTOCK AVE	$1,399,000	3	1.75	28	09/17/09
1545 CALMAR CT	$1,399,000	3	1.75	12	09/17/09
712 HOLMBY AVE	$2,995,000	5	5.00	49	09/17/09
10604 WELLWORTH AVE	$1,399,000	4	3.00	4	09/15/09
10822 ROCHESTER AVE	$1,295,000	3	2.50	4	09/14/09
10624 LINDBROOK DR	$1,875,000	5	5.00	0	09/10/09
10497 KINNARD AVE	$1,099,000	3	2.25	22	09/08/09
1700 ENSLEY AVE	$1,050,000	3	2.00	15	08/25/09
2142 GLENDON AVE	$899,000	2	1.00	25	08/24/09
2042 VETERAN AVE	$799,000	3	1.75	14	08/20/09
1918 WESTHOLME AVE	$2,595,000	5	5.50	44	08/20/09
2050 GLENDON AVE	$825,000	2	1.00	26	08/19/09
2106 MANNING AVE	$1,089,000	3	2.00	13	08/14/09
2360 VETERAN AVE	$739,000	3	1.75	8	08/13/09
10357 MISSISSIPPI AVE	$1,095,000	3	3.00	3	08/13/09
10701 Tennessee AVE	$1,250,000	4	2.75	7	08/11/09
104 S GLENROY Ave	$1,699,000	3	3.00	8	08/10/09
340 HILGARD AVE	$1,799,000	4	4.00	55	08/06/09
2316 OVERLAND AVE	$750,000	2	1.00	75	08/06/09