Foreclosures (REO's) On The Wilshire Corridor
According to the MLS, there are currently 4 active Foreclosures (REO's) on the Wilshire Corridor as of today. With 130 total listings on the Wilshire Corridor, this makes up only 3% of the total active listings. With such a low percentage of REO's, I wouldn't consider them to very impactful towards the overall health of the Corridor market. Listed below are the 4 foreclosures;
The newest REO came on the market today at the Ten-Five-Sixty building. 10560 Wilshire Blvd. #1003 was listed today for $974,900. The last purchase was back in 2005 for $1,300,000, which represents a 25% drop. This is a little more than average price decline, since peak 2006, of 20% for the corridor. The Ten-Five-Sixty building, built in 1982, is full service and comes with an HOD for this unit of $1,841.75 per month. According to the MLS, the unit is a 2 bedroom / 3 bath with 1,935 sq ft of living space.
The next REO is at The Dorchester, 10520 Wilshire Blvd. #202. The unit has been on the market 38 days with an asking price of $684,000. The last listing period for this unit was back in 2006/2007 when it expired with an asking price of $955,000. I have to go back 11 years to 1998 to find a previous sale of this unit for $399,999. According to the MLS, the unit is a 3 bedroom / 3 bath with 1,817 sq ft of living space. The Dorchester is a full service building with the only rooftop pool on the Corridor. HOD's are going to run you $1,218 per month. Fyi, The Dorchester is the only building with no balconies on the Corridor.
The REO at Wilshire Holmby, 10433 Wilshire Blvd. #509, just received a price reduction today of $13,000, down to $630,800. The unit has been on the market 75 days now with 3 price reductions totaling $39k. According to the MLS, the unit is a 3 bedroom / 3 bath with 1,824 sq ft of living space. HOD's are $1,505 per month for this full service building built in 1963.
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