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Wilshire Corridor Deals

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Thought I would share a few good deals that I see on the Wilshire Corridor today...

10380 Wilshire Blvd. #401 has been on and off the market for the past year or so, starting as high as $2.3m in 2009. It was re-listed 5 days ago for $1,595,000, which is a super value in this 'Class A' building on the Wilshire Corridor. Prices haven't been that low in LA Tour for 6+ years. To give some perspective, the other front unit, #402, sold in 2004 for $1,775,000. To throw out some more stats, #301, just below this unit, last sold in 2007 for as much as $2,226,000 and in 2006 for $2,000,000. So far only 1 unit has sold in the building in 2010, which was a 19th floor unit for $3.3m. In 2009, 3 units sold with an average price of $2.8m+. According to the MLS, this condo is a 3 bedroom / 4 bath with 3,143 sq ft of living space.

10724 Wilshire Blvd. #1407 has been on the market for only a couple months, however it was just painted and staged to give it a fresh and new look (was badly needed). Starting at just under $1.1 a few months ago, the asking price is now $899,000. Built in 1989, this is one of the newer buildings on the Corridor. Originally planned to be a hotel, for whatever reason it was turned condo. So the lobby and common areas have a grand and hotel resort like feel. Complete with 2 separate party rooms, a piano room, library, meeting area, massive gym (biggest on the corridor) and a rear pool deck. In fact, in 2006/07 the building did a makeover to the common areas, giving them a fresh updated look. According to the MLS, this condo is a 2 bedroom / 2.5 bath with 2,018 sq ft of living space. 

10750 Wilshire Blvd. #701 just returned to market 5 days ago after expiring off the market a year ago at $675,000, now asking just $595,000. This condo has been remodeled throughout with quality finishes that have general mass appeal. West facing, you get a little bit of ocean views from this 7th floor unit. Recently a smaller 3rd floor unit, east facing, sold for $580,000 and was mostly original. And a 4th floor unit, west facing unit sold for $600k earlier this year as well. I believe this building is undervalued at the moment and these are great deals for a quality mid range Corridor building. According to the MLS, this condo is 2 bedroom / 2 bath with 1,561 sq ft of living space.

Lastly, this condo is the on the list because this is about as inexpensive as you can get on the Wilshire Corridor. 10433 Wilshire Blvd. #305 is a bank owned foreclosure condo at the Wilshire Holmby. According to the MLS, the condo is a 1 bedroom / 1 bath with 873 sq ft of living space. Hitting the market 6 days ago on 11/4/10, the asking price is $332,500. This is about 20% less than the 2005 purchase of $415,000. While this is not the most spectacular unit, at least it gets you in a full service building and into the area. Another thing to consider is the rent vs buy comparison is very close on this unit. Then factor in your mortgage tax deduction and it might even be a wash.