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Westwood Homes Open House Sunday 2/28/10

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DATE ADDRESS BR BA SF LP
02/28/2010 1:00 - 4:00 2026 OVERLAND AVE 2 1.00 968 $ 759,000
02/28/2010 12:00 - 4:00 1906 MIDVALE AVE 3 2.00 1,698 $ 920,000
02/28/2010 1:00 - 4:00 10775 ROCHESTER AVE 3 2.00 1,822 $ 1,095,000
02/28/2010 1:00 - 4:00 10348 CALVIN AVE 3 2.50 2,372 $ 1,150,000
02/28/2010 1:00 - 4:00 10674 ROCHESTER AVE 3 1.75 1,656 $ 1,249,000
02/28/2010 1:00 - 4:00 10674 ROCHESTER AVE 3 1.75 1,656 $ 1,249,000
02/28/2010 1:00 - 4:00 10570 TENNESSEE AVE 4 3.00 2,178 $ 1,299,000
02/28/2010 1:00 - 4:00 11247 HOMEDALE ST 3 2.50 1,979 $ 1,369,000
02/28/2010 1:00 - 4:00 10583 ROCHESTER AVE 3 2.50 1,860 $ 1,399,000
02/28/2010 1:00 - 4:00 2213 LINNINGTON AVE 4 3.50 2,781 $ 1,450,000
02/28/2010 1:00 - 4:00 10338 EASTBORNE AVE 4 3.00 2,283 $ 1,499,000
02/28/2010 1:00 - 4:00 642 THAYER AVE 4 4.00 3,485 $ 1,665,000
02/28/2010 1:00 - 4:00 1701 MIDVALE AVE 4 3.50 3,050 $ 1,695,000
02/28/2010 1:00 - 4:00 1044 MANNING AVE 4 3.50 3,076 $ 2,295,000
02/28/2010 1:00 - 4:00 1035 WESTHOLME AVE 5 4.50 4,037 $ 2,495,000
02/28/2010 1:00 - 4:00 300 CONWAY AVE 4 4.50 5,562 $ 5,800,000




Comments

Westwood Condos Open House Today 2/28/10

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DATE ADDRESS BR BA SF LP
02/28/2010 2:00 - 4:00 10982 ROEBLING AVE #503 1 1.00 721 $ 297,000
02/28/2010 1:00 - 4:00 1951 MALCOLM AVE #104 2 2.00 898 $ 429,000
02/28/2010 1:00 - 4:00 10982 ROEBLING AVE #316 1 1.00 702 $ 465,000
02/28/2010 1:00 - 4:00 2276 S BEVERLY GLEN #102 2 2.00 1,434 $ 519,000
02/28/2010 1:00 - 4:00 10590 WILSHIRE #702 2 2.00 1,312 $ 525,000
02/28/2010 1:00 - 4:00 1909 PELHAM AVE #306 2 2.00 1,342 $ 569,000
02/28/2010 1:00 - 4:00 1811 MANNING AVE #102 2 3.00 1,287 $ 595,000
02/28/2010 1:00 - 4:00 2332 FOX HILLS DR #203 2 2.00 1,465 $ 619,000
02/28/2010 1:00 - 4:00 1830 WESTHOLME AVE #104 2 2.50 1,509 $ 630,000
02/28/2010 1:00 - 4:00 1830 WESTHOLME AVE #303 2 2.50 1,590 $ 634,950
02/28/2010 1:00 - 4:00 1830 Westholme Ave 303 #303 2 3.00 1,590 $ 634,950
02/28/2010 1:00 - 4:00 10627 ASHTON AVE #205 2 2.00 1,318 $ 649,000
02/28/2010 1:00 - 4:00 1250 MIDVALE AVE #101 2 2.00 1,546 $ 670,000
02/28/2010 1:00 - 4:00 10840 Lindbrook DR #4 2 1.50 975 $ 675,000
02/28/2010 1:00 - 4:00 1818 PELHAM AVE #206 2 2.50 1,866 $ 678,500
02/28/2010 1:00 - 4:00 2323 S BENTLEY AVE #301 2 2.50 1,529 $ 715,000
02/28/2010 1:00 - 4:00 1520 CAMDEN AVE #104 2 2.50 1,832 $ 729,900
02/28/2010 1:00 - 4:00 1522 S BENTLEY AVE #E 2 2.50 1,256 $ 795,000
02/28/2010 1:00 - 4:00 1862 S BENTLEY AVE #102 3 3.00 2,200 $ 819,000
02/28/2010 1:00 - 4:00 865 COMSTOCK AVE #8D 3 3.00 1,937 $ 830,000
02/28/2010 1:00 - 4:00 10793 ASHTON AVE #3 3 3.00 1,672 $ 835,000
02/28/2010 1:00 - 4:00 10319 Almayo #201 3 2.75 2,045 $ 979,000
02/28/2010 1:00 - 4:00 10590 WILSHIRE #1602 2 3.00 2,160 $ 1,100,000
02/28/2010 1:00 - 4:00 1658 CAMDEN AVE #301 3 2.50 2,092 $ 1,100,000
02/28/2010 1:00 - 4:00 10701 WILSHIRE BLVD #904 3 3.50 1,099 $ 1,800,000
02/28/2010 1:00 - 4:00 10701 WILSHIRE BLVD #904 3 3.50 1,099 $ 1,800,000
02/28/2010 1:00 - 4:00 10701 WILSHIRE #PH B 2 2.50 2,642 $ 2,225,000
02/28/2010 1:00 - 4:00 10776 Wilshire BLVD #904 3 4.50 3,535 $ 4,995,000
02/28/2010 1:00 - 4:00 10776 WILSHRIE BLVD #2302 3 4.50 0 $ 11,500,000




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Cheviot Hills Open House -Single Family Homes- Sunday 2/28/10

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DATE ADDRESS BR BA SF LP
02/28/2010 1:00 - 4:00 10304 NORTHVALE RD 5 3.50 3,188 $ 990,000
02/28/2010 1:00 - 4:00 2742 Anchor Avenue 4 3.00 3,200 $ 1,300,000
02/28/2010 12:00 - 4:00 10371 CHEVIOT DR 3 2.50 0 $ 1,399,000
02/28/2010 1:00 - 4:00 10488 DUNLEER DR 5 4.50 4,686 $ 1,999,000
02/28/2010 1:00 - 4:00 10550 ROUNTREE RD 5 4.50 4,500 $ 2,595,000
02/28/2010 1:00 - 4:00 3140 CLUB DR 5 5.50 5,400 $ 2,695,000
02/28/2010 1:00 - 4:00 10127 ROSSBURY PL 5 5.50 4,029 $ 2,695,000
02/28/2010 1:00 - 4:00 2805 MCCONNELL DR 4 3.50 4,693 $ 3,695,000




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Welcome Back To The Market

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Three properties got relisted over the past week from their 2009 attempts and a third from their 2008 attempt. I think we will see more properties come on the market this year that decided to withdraw off the market in 2008/2009. I am sure some Little Holmby watchers will be surprised to see one of them already in escrow....

First is this Spanish home at 952 Malcolm Ave., LA CA 90024. Previously listed on 12/5/08 for $2,150,000, it spent 103 days on the market and was pulled off the market without any price reductions. At the time I did a post on 3 Little Holmby Fixers and an update to that post (Update To 3 Little Holmby Fixers), where 2 of the 3 ended up selling. I was surprised to not see 952 Malcolm sell at that time because it may have been the best lot to build on of the three. Now its been relisted for $2,250,000 and after only 11 days its now in escrow. I am a bit surprised by the higher price and quick listing period. But right now its the best flat pad option available at that price in Little Holmby. According to the MLS, the home is a 3 bedroom / 1.75 bath, 2,944 sq ft home on a 12,488 sq ft lot. There is no secret that this house is all about the lot. A huge flat pad to develop or expand on. The house itself is not that exciting as it currently stands. There is some curb appeal, but the layout and overall feel inside is just not up to par for the location. There are some traces of remodeling in the kitchen and master bath, but I believe the best use would be a major remodel and expansion or to start from scratch.


The 2nd house to return to market after trying to sell in 2009 is the newer construction Mediterranean home at 2357 Kelton Ave., LA CA 90064. Kelton was previously listed on 11/14/08 for $2,450,000 and spent 365 days on the market with 5 small price changes, down to $2,195,000. This home returned to market on 2/25/2010 with an asking price of $2,195,000. According to the MLS, the home is a 2008 built, 5 bedroom / 5.5 bath, on a 6,615 sq ft lot. In the previous MLS listing, the owner stated the square footage was aprox 4,400 sq ft of living space.

2372 Overland Avenue is back on the market with a new lower asking price of $759,000. Overland was previously listed on 3/25/09 for $899,000 and received one $100k price reduction during its 103 days on the market. The home was pulled off the market in favor of renting and continues to be rented until June 30th, '10. According to the MLS, the home is a 3 bedroom / 2 bath, 1,508 sq ft of living space on a 6,838 sq ft lot. If it wasn't for the location, this home would sell in the +/- $1M range. This is about a 25% location discount for being on Overland, near Pico.

While this last house didn't attempt a sale in 2009, it did have previous attempts in '06 and '08. However, the owner leased the home out instead on both occasions. The most recent attempt in 2008 had the home priced at $1,635,000. In its most recent bid to sell, 10583 Rochester Ave, LA CA 90024 was listed on 2/24/2010 for $1,399,000. According to the MLS, the home is a 3 bedroom / 2.5 bath, 1,860 sq ft of living space on 6,500 sq ft lot. The home has been remodeled throughout and features a large gourmet kitchen. The new asking price is $1,399,000.



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What Did That Westwood Home Sell For At 11150 S Sunset, LA CA 90049

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This Westwood home at 11150 S Sunset, LA CA 90049 lasted a few weeks on the market before accepting its 1st offer.  Completely remodeled, the home received a couple offers after instantly coming on the market for less than the owner paid for it, un-remodeled in 2007. In fact, if I remember correctly, I think the home had like 15+ offers on it in 2007 when they were asking $1,076,000 for the house. The owner ended up paying $1,650,000 for it. The home was then completely renovated and landscaped and put back on the market 11/24/09 for $1,595,000. The home closed on 2/3/10 for $1,525,000.  According to the MLS, the home is a 4 bedroom / 3.5 bath, 2,474 sq ft of living space on a 13,050 sq ft lot (not all flat).


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What Did That Westwood Home Sell For At 2335 Prosser Ave. LA CA 90064

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The Spanish house at 2335 Prosser Ave., LA CA 90064 lasted 11 days on the market, accepting an offer on 12/21/09. This house was listed on 12/10/09 for $829,000 and closed on 1/29/10 for $817,000. According to the MLS, the home is a 2 bedroom / 1 bath, 1,208 sq ft of living space on a 6,075 sq ft lot.

2335 Prosser Ave Photo Tour


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What Did That Westwood Home Sell For At 2325 Kerwood Ave. LA CA 90064

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The Westwood traditional at 2325 Kerwood Ave., LA CA 90064 lasted a brief 8 days on the market, accepting an offer on 1/29/2010. Listed on 1/21/10 for $1,050,000, the house immediately received alot of attention because of sparse inventory at that price level for a house of its size and condition. According to the MLS, the home is a 3 bedroom / 2 bath, 1,742 sq ft of living space on a 6,500 sq ft corner lot. The home closed on 2/25/10 for $50 grand over its asking price at $1,100,000.

2325 Kerwood Ave Virtual Tour


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Newer Construction Cheviot Hills Home Receives 2nd Big Price Reduction

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This Cheviot Hills newer construction home at 10488 Dunleer Dr, LA CA 90064 took another price reduction today of 8.93% or $196,000, down to $1,999,000. Listed 154 days ago on 9/24/09, this is the 2nd large price reduction by the seller. The owner previously purchased this home on 5/23/07 for $2,550,000.  According to the MLS, the home is a 5 bedroom / 4.5 bath, 4,686 sq ft of living space on a 7,720 sq ft lot. Take a look at the virtual tour link below and you will see the finishes throughout are very high end.

10448 Dunleer Dr. Virtual Tour



Comments

Westwood Homes Open House Sunday 2/21/10

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DATE ADDRESS BR BA SF LP
02/21/2010 1:00 - 4:00 2200 SELBY AVE 3 2.00 1,670 $ 699,000
02/21/2010 1:00 - 4:00 2026 OVERLAND AVE 2 1.00 968 $ 759,000
02/21/2010 1:00 - 4:00 2236 PROSSER AVE 2 1.50 1,675 $ 899,000
02/21/2010 1:00 - 4:00 2206 OVERLAND AVE 4 1.75 2,054 $ 919,000
02/21/2010 12:00 - 4:00 1906 MIDVALE AVE 3 2.00 1,698 $ 920,000
02/21/2010 1:00 - 4:00 2227 BENECIA AVE 3 2.50 1,895 $ 975,000
02/21/2010 1:00 - 4:00 2347 Pelham AVE 3 1.75 1,756 $ 1,050,000
02/21/2010 1:00 - 4:00 10775 ROCHESTER AVENUE 3 2.00 1,822 $ 1,095,000
02/21/2010 1:00 - 4:00 10348 CALVIN AVE 3 2.50 2,372 $ 1,150,000
02/21/2010 1:00 - 4:00 10674 ROCHESTER AVE 3 1.75 1,656 $ 1,249,000
02/21/2010 1:00 - 4:00 10583 ROCHESTER AVE 3 2.50 1,860 $ 1,399,000
02/21/2010 1:00 - 4:00 642 THAYER AVE 4 4.00 3,485 $ 1,665,000
02/21/2010 1:00 - 4:00 1701 MIDVALE AVE 4 3.50 3,050 $ 1,695,000
02/21/2010 1:00 - 4:00 1044 MANNING AVE 4 3.50 3,076 $ 2,249,000
02/21/2010 1:00 - 4:00 1035 WESTHOLME AVE 5 4.50 4,037 $ 2,495,000
02/21/2010 1:00 - 4:00 393 DALKEITH AVE 5 4.50 4,199 $ 2,795,000
west

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Westwood Condos Open House Today 2/21/10

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DATE ADDRESS BR BA SF LP
02/21/2010 1:00 - 4:00 1632 CAMDEN AVE #104 2 1.75 1,146 $ 539,900
02/21/2010 1:00 - 4:00 1811 MANNING AVE #102 2 3.00 1,287 $ 595,000
02/21/2010 2:00 - 4:00 10535 WILSHIRE #1603 2 2.00 1,340 $ 624,999
02/21/2010 1:00 - 4:00 2008 S BENTLEY AVE #201 2 2.00 1,690 $ 649,000
02/21/2010 1:00 - 4:00 1250 MIDVALE AVE #101 2 2.00 1,546 $ 670,000
02/21/2010 1:00 - 4:00 10840 Lindbrook DR #4 2 1.50 975 $ 695,000
02/21/2010 1:00 - 4:00 1880 VETERAN AVE #111 2 2.50 2,066 $ 729,000
02/21/2010 1:00 - 4:00 1520 CAMDEN AVE #104 2 2.50 1,832 $ 729,900
02/21/2010 1:00 - 4:00 1415 CAMDEN AVE #305 2 2.50 1,828 $ 739,000
02/21/2010 1:00 - 4:00 10793 ASHTON AVE #3 3 3.00 1,672 $ 835,000
02/21/2010 1:00 - 4:00 1838 WESTHOLME AVE #102 3 2.50 1,534 $ 925,000
02/21/2010 1:00 - 4:00 10319 Almayo #201 3 2.75 2,045 $ 979,000
02/21/2010 1:00 - 4:00 1658 CAMDEN AVE #307 3 3.00 2,178 $ 1,095,000
02/21/2010 1:00 - 4:00 1658 CAMDEN AVE #301 3 2.50 2,092 $ 1,100,000
02/21/2010 1:00 - 4:00 10776 Wilshire BLVD #904 3 4.50 3,535 $ 4,995,000


Comments

Cheviot Hills Open House -Single Family Homes- Sunday 2/21/10

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DATE ADDRESS BR BA SF LP
02/21/2010 1:00 - 4:00 2714 SELBY AVE 3 2.00 1,386 $ 769,000
02/21/2010 1:00 - 4:00 2728 MIDVALE AVE 4 2.00 1,803 $ 999,000
02/21/2010 1:00 - 4:00 10304 NORTHVALE RD 5 3.50 3,188 $ 1,250,000
02/21/2010 1:00 - 4:00 10371 CHEVIOT DR 3 2.50 0 $ 1,399,000
02/21/2010 1:00 - 4:00 10488 DUNLEER DR 5 4.50 4,686 $ 2,195,000
02/21/2010 1:00 - 4:00 10550 ROUNTREE RD 5 4.50 4,500 $ 2,595,000
02/21/2010 1:00 - 4:00 10127 ROSSBURY PL 5 5.50 4,029 $ 2,695,000
02/21/2010 1:00 - 4:00 2805 MCCONNELL DR 4 3.50 4,693 $ 3,695,000


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Westwood Weekly Activity Report 2/14/10

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This report is for Monday 2/08/10 through Sunday 2/14/10.

ACTIVITY REPORT


These stats include all areas of Westwood (90024, 90025, 90064, 90049).
Source: CLAW MLS -Information deemed reliable but not guaranteed.


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New Price Reduction For 2227 Benecia Ave., LA CA 90064

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The property at 2227 Benecia Ave LA CA 90064 received a price reduction of 2.01% or $20,000, down to $975,000. The property was listed 115 days ago for $999,888 and this is the 2nd price reduction of the current listing term. The seller has attempted to sell this property a couple times since their purchase in 2005 for $1,090,000. In 2007, they lasted 121 days on the market, starting at $1,279,000 and ending at $1,195,000. Then in 2008, they tried for 89 days on the market at $1,195,000. And lastly at the end of 2009 for 74 days with a final asking price of $1,038,000. According to the MLS, the home is a 3 bedroom with a loft +2.5 baths, 1,895 sq ft of living space on a 5,850 sq ft lot.



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1906 Veteran Avenue Receives 1st Price Reduction

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The Westwood home at 1906 Veteran Avenue, LA CA 90025 received a price reduction of 17.08% or $204,999, down to $995,000 this week. This is the first price reduction during the listing term, which started 19 days ago. According to the MLS, the home is a 4 bedroom / 2 bath, on a 6,750 sq ft lot.

1906 Veteran Avenue Virtual Tour





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Foundation Tips From The Foundation Works

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I receive informative tips from the guys over at The Foundation Works regarding common foundation issues. I thought this would not only be helpful for homeowners, but also prospective buyers who may get into inspection reports that deal with foundation issues...


Connect the dots…

What does this leaning support have to do with the recent weather?

Everything!



This photo shows an all too common dilemma that we find under homes on a regular basis. Though this home has a foundation in very functional condition, water flow has been slowly undermining it each winter. What has occurred here is quite simply a matter of too much moisture, for too long a period of time, getting too close to the foundation supports. In this instance, this has caused the soil to actually migrate to the degree that it has shifted the concrete pier under this wood support by several inches and has resulted in interior wall cracks that had previously been considered by the homeowner to be “just because the house is old”. In actual fact, a simple resetting of the support, coupled with an appropriate re-routing of the exterior water source, and this issue was completely solved.

We’ve often pointed out the various effects of water on damaging a foundation slowly. Once again, the message is simply one of preventative care. The more you can do to keep water away from your home, the better it will stand the test of time!




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Westwood Homes Open House - Valentines Sunday 2/14/10

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DATE ADDRESS BR BA SF LP
02/14/2010 1:00 - 4:00 2200 SELBY AVE 3 2.00 1,670 $ 699,000
02/14/2010 1:00 - 4:00 2026 OVERLAND AVE 2 1.00 968 $ 759,000
02/14/2010 1:00 - 4:00 2207 KELTON AVE 3 1.75 1,462 $ 825,000
02/14/2010 1:00 - 4:00 2236 PROSSER AVE 2 1.50 1,675 $ 899,000
02/14/2010 1:00 - 4:00 2206 OVERLAND AVE 4 1.75 2,054 $ 919,000
02/14/2010 1:00 - 4:00 2347 Pelham AVE 3 1.75 1,756 $ 1,050,000
02/14/2010 1:00 - 4:00 10348 CALVIN AVE 3 2.50 2,372 $ 1,150,000
02/14/2010 1:00 - 4:00 10674 ROCHESTER AVE 3 1.75 1,656 $ 1,249,000
02/14/2010 1:00 - 4:00 1850 COMSTOCK AVE 3 3.00 1,870 $ 1,350,000
02/14/2010 1:00 - 4:00 10309 MISSISSIPPI AVE 3 2.50 1,946 $ 1,389,000
02/14/2010 1:00 - 4:00 642 THAYER AVE 4 4.00 3,485 $ 1,665,000
02/14/2010 1:00 - 4:00 1035 WESTHOLME AVE 5 4.50 4,037 $ 2,495,000




Comments

Cheviot Hills Open House - Valentines Sunday 2/14/10

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DATE ADDRESS BR BA SF LP
02/14/2010 1:00 - 4:00 2714 SELBY AVE 2 2.00 1,386 $ 769,000
02/14/2010 1:00 - 4:00 10304 NORTHVALE RD 5 3.50 3,188 $ 1,250,000
02/14/2010 1:00 - 4:00 2934 QUEENSBURY DR 4 3.50 2,950 $ 1,775,000
02/14/2010 1:00 - 4:00 10488 DUNLEER DR 5 4.50 4,686 $ 2,195,000
02/14/2010 1:00 - 4:00 10550 ROUNTREE RD 5 4.50 4,500 $ 2,595,000
02/14/2010 1:00 - 4:00 3140 CLUB DR 5 5.50 5,400 $ 2,695,000
02/14/2010 1:00 - 4:00 10127 ROSSBURY PL 5 5.50 4,029 $ 2,695,000
02/14/2010 1:00 - 4:00 2805 MCCONNELL DR 4 3.50 4,693 $ 3,695,000




Comments

Westwood Condos Open House - Valentines Sunday 2/14/10

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DATE ADDRESS BR BA SF LP
02/14/2010 1:00 - 4:00 1730 CAMDEN AVE #102 1 1.00 786 $ 319,000
02/14/2010 1:00 - 3:30 1440 VETERAN AVE #228 1 1.00 693 $ 379,000
02/14/2010 1:00 - 4:00 1815 GLENDON AVE #103 2 2.00 1,026 $ 459,000
02/14/2010 1:00 - 4:00 2276 S BEVERLY GLEN #102 2 2.00 1,434 $ 519,000
02/14/2010 1:00 - 4:00 1811 MANNING AVE #102 2 3.00 1,287 $ 595,000
02/14/2010 1:00 - 4:00 865 COMSTOCK AVE #7E 2 2.00 1,492 $ 599,000
02/14/2010 1:00 - 4:00 2237 S BENTLEY AVE #402 2 2.00 1,474 $ 599,000
02/14/2010 1:00 - 4:00 9848 VIDOR DR #102 2 3.00 1,409 $ 624,400
02/14/2010 1:00 - 4:00 2332 FOX HILLS DR #203 2 2.00 1,465 $ 629,000
02/14/2010 1:00 - 4:00 2031 S BENTLEY AVE #203 2 2.00 1,640 $ 649,000
02/14/2010 1:00 - 4:00 10627 ASHTON AVE #205 2 2.00 1,318 $ 649,000
02/14/2010 1:00 - 4:00 1250 MIDVALE AVE #101 2 2.00 1,546 $ 695,000
02/14/2010 1:00 - 4:00 1880 VETERAN AVE #111 2 2.50 2,066 $ 729,000
02/14/2010 1:00 - 4:00 1520 CAMDEN AVE #104 2 2.50 1,832 $ 729,900
02/14/2010 1:00 - 4:00 10793 ASHTON AVE #3 3 3.00 1,672 $ 835,000
02/14/2010 1:00 - 4:00 865 COMSTOCK AVE #8D 3 3.00 1,937 $ 850,000
02/14/2010 1:00 - 4:00 10611 ASHTON AVE #1PH 3 4.00 2,641 $ 895,000
02/14/2010 1:00 - 4:00 10319 Almayo #201 3 2.75 2,045 $ 979,000
02/14/2010 1:00 - 4:00 1530 CAMDEN AVE #PH5 2 3.00 2,310 $ 1,095,000
02/14/2010 1:00 - 4:00 10590 WILSHIRE #1602 2 3.00 2,160 $ 1,100,000
02/14/2010 1:00 - 4:00 10776 WILSHIRE BLVD #602 3 4.50 3,535 $ 4,160,000
02/14/2010 1:00 - 4:00 10776 Wilshire BLVD #904 3 4.50 3,535 $ 4,995,000
02/14/2010 1:00 - 4:00 10776 WILSHRIE BLVD #2302 3 4.50 0 $ 11,500,000




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Market Insight From Scott McIntosh At The Westwood Blog

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Every Tuesday new inventory gets showcased on the Brokers Caravan tour so that agents can preview property for their clients. What's interesting is over the past couple weeks, it seems like a high percentage of the homes I walk into are already in some stage of multiple offers. And its not just in the lower price range.

Last week I had a client interested in a property on N Glenroy, in lower Bel-Air, that was asking $2.895M. After researching comps for my client to present an offer, we both thought the asking price was potentially a bit high. However, after attending a very busy Sunday open house, I thought its possible this house could sell quicker than we expected. But boy were we shocked to see 14 offers come in on the house.

This past Tuesday I previewed a new architectural house in Cheviot Hills on a tiny street called Dumfries that had already received 4 offers and was in counters by the first Caravan day. According to the MLS, 2821 Dumfries is a 4+4, 3,591 sq ft of living space on a 9,140 sq ft lot asking $1,795,000.

And if anyone has been out touring the lower +/- $1M mark for homes in Westwood over the last few weeks, I'm sure you have seen an extremely busy atmosphere. A little over a week ago a 3+3 Spanish home on Pelham came on the market asking $895,000. My first thought was that it was priced a bit on the low side. Well so did the general public because the first open house was wall to wall people the entire time. It ended up having crazy multiple offers and I believe is way over the asking price.

Last week a new Spanish 3+1.75 at 1527 Midvale Ave came on the market asking $1,095,000. This property received 9 offers and is also now in escrow.

This past Superbowl Sunday was the first open house showing for a new Spanish listing at 10462 Tennessee Ave, priced at $1,199,000. You guessed it, received a strong offer the same day that was accepted right away. If given a few more days, I think they would have received multiples. 

Even though I pointed out a couple of higher priced homes receiving multiples, I still think the upper price range is slow to move right now. The lower +/- $1 million dollar mark is an intense price point right now in Westwood in which there are a shortage of 3 bedroom properties, NOT on busy streets or corners. Just doing a bit of research on price points in Westwood above and below $2m, I found that homes selling for under $2m are down just 9% since peak, where as homes selling above $2m are down 20% since peak.

I am interested to hear anyone's take on what they are seeing on Sunday open house days if they are out touring in the market. Since 99% of the time I am holding an open house on Sunday, I don't get to ride around and see what you might be seeing.



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Update To Wilshire Corridor Foreclosure List

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Here is an update to the foreclosure list I posted for the Wilshire Corridor a few weeks ago (Wilshire Corridor Foreclosure List). A couple price reductions and one going into escrow quickly.

The REO at the Ten-Five-Sixty building, 10560 Wilshire Blvd. #1003 listed for $974,900, went into escrow after 11 days active on the market. 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 REO at The Dorchester, 10520 Wilshire Blvd. #202 received a 6.29% or $43,000 price reduction, down to $641,000. The unit has now been on the market for 60 days, starting  with an asking price of $724,000. 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 small price reduction today of $6,000, down to $624,800. The unit has been on the market 97 days now with 4 price reductions totaling $45k. 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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What Did That Westwood Home Sell For At 1236 Holmby Ave., LA CA 90024

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This south of Wilshire home at 1236 Holmby Ave, LA CA 90024 lasted a brief 11 days on the market before receiving an accepted offer on 12/21/09. Listed on 11/23/09 for $1,249,000, this house sold  a bit over the asking price...closing on 1/29/10 for $1,305,000. According to the MLS, the home is a 4 bedroom / 3.5 bath, 1,873 sq ft of living space on a 7,155 sq ft lot.





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What Did That Westwood Home Sell For At 2343 Manning Ave., LA CA 90064

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2343 Manning Ave LA CA 90064 lasted 27 days on the market before receiving an accepted offer on 12/16/09.  The home was listed on 11/19/09 for $1,099,000 and didn't need any price reductions during the listing term. It closed on 1/29/2010 for $1,060,000. The last owner purchased the home in June 2008 for $1,100,000, about a 3.6% decline. According to the MLS, the home is a 3 bedroom / 2 bath, 1,791 sq ft of living space on a 6,075 sq ft lot.

What I like about this Spanish home is that it has a sense of volume in it. The living area, master bedroom and den area off the kitchen all have high ceilings, helping to make this 1,700+ sq ft home feel spacious. The master bathroom was remodeled with very colorful Spanish tile, spa tub and a custom looking vanity. Additionally, the kitchen has been remodeled with newer cabinetry and stainless steel appliances. The backyard had a nice patch of grass and the garage has been converted into a bonus room.


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Westwood Hills 393 Dalkeith Ave Receives 3rd Price Reduction

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The Westwood Hills home at 393 Dalkeith Ave., LA CA 90049 received a price reduction this week of 5.86% or $174,000, down to $2,795,000. This home was listed 149 days ago on 9/11/09 for $3,095,000 and has received 3 price reductions so far. 393 Dalkeith is also known as 11261 Montana Ave as it sits right on the corner of Dalkeith and Montana. The corner lot is rather large, over 16,000+ sq ft, and features a pool, covered patio and an expansive grassy area. Inside, the home is in move-in type condition and features an oversized gourmet kitchen that most people would love. According to the MLS, the home is a 5 bedroom / 4.5 bath, 4,199 sq ft of living space on a 16,417 sq ft lot.

393 Dalkeith Ave Virtual Tour



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