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SPROUTS GROCERY STORE WESTWOOD Opens Tomorrow May 1st, 2013

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We are less than 24 hours until the grand opening of the Sprouts Grocery Store in Westwood.  They are set to open tomorrow, May 1st, 2013 at 7am. Spouts is located at the old Ross location, just a block north of Santa Monica Blvd at 1751 Westwood Blvd, LA CA 90024. I don't know about you, but I am very excited for this new grocery store and hope to make it my go-to spot for groceries.

Straight from the Sprouts Westwood Facebook page;

We’re so excited to open our doors in Westwood on May 1st! Join us for free food samples and surprise giveaways throughout the day. And if you can’t make it on Wednesday, stop by on Saturday the 4th – Boar’s Head will be onsite handing out 500 free hotdogs, and the first 100 customers to make a purchase will receive a coupon booklet for 5 FREE sandwiches from our deli!



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Bidding Wars Are Back!

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Are you new to your home search? Haven't payed attention to local or national real estate news? If you haven't, then you may be shocked when you venture out to a weekend open house to find it swarming with other potential buyers and looky-loos. Sometimes even finding a one sheet from the listing agent/seller detailing terms of the sale for any buyer offers and a deadline for when offers are due. The question is not if there will be multiples these days, it's how many? Yup, that is the real estate environment we are in now. And this is not just Westwood, this is pretty much the entire Southern California market. And if you read the national real estate news, this is happening in many markets all over the country. In a recent article I read on CNN.com (link to article here), they wrote that 9 out of every 10 homes in Southern California in March had multiple bids.

So what is happening in Westwood so far Year To Date.  There has been 29 homes closed and sold in Westwood amid the stingy inventory. The number of sales is down 50% from same time last year because of the much tighter inventory supply. This is nothing to do with demand to buy but more of a shortage of supply problem. The average sales price to list price is over 100% for the year, at 100.61%. This points to the multiple offer environment as the average home sells over asking. Last year at this time we were selling at 97.75% of the asking in Westwood. The average sales price so far this year is $1,516,976 vs $1,393,483 in 2012 YTD. This represents an 8.5% increase over the Year-To-Date in 2012. The average price per square foot so far this year is at $630.74 and has increased 9.3% over 2012 YTD.


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Westwood Homes Open House Sunday April 28th, 2013

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Westwood Condos Open House Sunday April 28th, 2013

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1922 S Bentley Ave Receives 1st Price Reduction

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I haven't had a Westwood price reduction to talk about in awhile, so here it goes...

The home at 1922 S Bentley Ave, LA CA 90025 received a price reduction today of 4.32% or $56,000, down to $1,239,000. Listed 18 days ago for $1,295,000, this is the first price reduction of the listing term. The home previously sold back in 2009 for $1,069,000. Even though the home is a 2 story, the master and one bedroom are downstairs, with 2 additional bedrooms upstairs. So if you can't deal with stairs, having the master downstairs would be an ideal situation. The home has both a living room and a good size family room. Kitchen has been remodeled as well.
According to the MLS, the home is a 4 bedroom / 3 baths, 2,388 sq ft of living space on a 6,052 sq ft lot.


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What Did That Westwood Little Holmby Home Sell For At 788 Malcolm

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What Did That Westwood Little Holmby Home Sell For?

The Westwood Little Holmby home at 788 Malcolm Ave, LA CA 90024 lasted about 7 days on the market before accepting an offer on 3/35/13. The interior of this home was designed by Joe Nye, the nationally-acclaimed design leader and renovated by the architect Stephen V. Harrel, AIA. Needless to say, this house was completely remodeled and finished off with higher end materials. On 4/11/13, 788 Malcolm closed at the asking price of  $2,850,000 |$900 $/sf|. According to the MLS, the home is a 3 bedroom / 3.5 bath, 3,165 sf of living space on a 11,582 sf lot.


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What Did 10418 Tennessee Ave Sell For?

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What Did That Westwood Home Sell For?

The Westwood home at  10418 Tennessee Ave LA CA 90064 lasted about 9 days on the market before accepting an offer on 3/1/13. This 2 bedroom Spanish home looks to be in mostly original condition throughout. With a lot size size under 6k, I see someone gutting it and expanding it a little bit versus putting new construction on this lot size. On 4/9/13, 10418 Tennessee Ave closed over the asking price at $805,200 |$636 $/sf|. According to the MLS, the home is a 2 bedroom / 1 bath, 1,267 sq ft of living space on a 5,851 sq ft lot.



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What Did That Westwood Home Sell For At 2234 Greenfield

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What Did That Westwood Home Sell For?

The Westwood home at  2234 Greenfield Ave LA CA 90064 lasted about 9 days on the market before accepting an offer on 1/25/13. This was listed as a short sale with only 1 open Bank of America loan to deal with. Looks like it got approved very quickly as the escrow period was just under 3 months. There had been some updating to the house, but many original details remained giving it that Spanish home character. On 4/19/13, 2234 Greenfield Ave closed well over the asking price at $1,012,000 |$654 $/sf|. According to the MLS, the home is a 3 bedroom / 2.5 bath, 1,548 sq ft of living space on a 6,751 sq ft lot.



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Westwood Homes Open House Sunday April 14th, 2013

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Westwood Condos Open House Sunday April 14th, 2013

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Westwood Homes Open House Sunday April 7th, 2013

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Westwood Condos Open House Sunday April 7th, 2013

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What Did 10370 Mississippi Ave Sell For?

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What Did That Westwood Home Sell For?

The Westwood home at  10370 Mississippi Ave LA CA 90025 lasted about 26 days total on the market before accepting the 2nd offer on 2/17/13. The originally came on the market back in November of 2012 and sold the 1st week after coming on the market.  After a couple months of escrow, the home came back on the market at the end of January 2013.  Two weeks later it was back in escrow. This traditional home was remodeled throughout back in 2006 and is in move-in condition.  Like most homes on Mississippi, the home is built into a hill side that creates a need for several steps up to the front door and a tiered backyard. Photos of the property here (10370 Mississippi Photos).

On April 3rd, 2013, the home closed for $1,620,000 |$593 $/sf|. According to the MLS, the home is a 5 bedroom / 3.5 bath, 2,732 sq ft of living space on a 5,996 sq ft lot.



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What Did 808 Glenmont Ave Sell For In Little Holmby

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What Did That Westwood Little Holmby Home Sell For?

The Westwood Little Holmby home at 808 Glenmont Ave, LA CA 90024 lasted about 9 days on the market before accepting an offer on 2/4/13. Previously, Glenmont spent about 113 days on the market in 2012. First starting at $3,195,000 and then half way through the listing period was reduced to $2,995,000 before withdrawing it off the market in November. This Spanish Mediterranean style home had many period details throughout that kept the original character intact in the home. Additionally, the home featured a guesthouse and a pool in the backyard.
On 4/04/13, 808 Glenmont closed at the asking price of $2,995,000 |$828 $/sf|. According to the MLS, the home is a 4 bedroom / 4.5 bath, 3,617 sf of living space on a 9,007 sf lot.


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What Did That Westwood Home Sell For At 2170 Linnington

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What Did That Westwood Home Sell For?

The Westwood home at  2170 Linnington Ave LA CA 90025 lasted about 54 days on the market before accepting an offer on 3/05/13. The home spent about 6 months on the market in 2012 with a higher price of $799,000.  In 2013, the home was relisted at $749k and sold without needing another price reduction. This is a fixer type property and is located at the corner of Linnington and Olympic.
On April 3rd, 2013, the home sold for $708,000 |$546 $/sf|. According to the MLS, the home is a 3 bedroom / 2 bath, 1,296 sq ft of living space on a 4,935 sq ft lot.



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Average Sales Price To List Price For March | Westwood Single Family Homes |

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This is a quick look at how close to the asking price the Westwood Single Family Homes sales were for the month of March.



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Days On Market Distribution For March | Westwood Single Family Home Sales |

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A quick look at the chart below, you will see that 68% of the sales for the month of March came in the 1st month the home was on the market. Add in the next category of 31-60: 18.75% and that totals 88% of the homes sold within 60 days of market time.

Now ever since the MLS changed the reporting of 'days on market' to count even the days when the home has an accepted offer but still maintains a status of 'looking for backup' offers, the days on market has been slightly skewed.  So one can bet that whatever avg days on market you read or see, the "REAL" performance is actually much better. Additionally, keep in mind many listings will delay looking at or accepting offers for at least a week or more. Further artificially delaying the 'days on market' a home can actually sell in.



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What Did That Westwood Home At 1500 Pandora Sell For?

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The Westwood home at 1500 Pandora Ave LA CA 90024 lasted approximately 47 days on the market before accepting an offer on 3/2/13. The home came on the market in the beginning of January and after about two weeks on the market, the seller accepted an offer. Unfortunately for the seller, the 1st buyer backed out of escrow after only a few days in escrow. Then the home received a price reduction of $146,000 that resulted in another offer a few days later. One unique feature about this home is the guest apartment on the lower level with it's own separate entrance. On April 1st, 2013, the home closed just over the asking price at $1,160,000 |$588 $/sf|.
According to the MLS, the home is a 3 bedroom / 3.5 baths, 1,973 sq ft of living space on a 7,1447 sq ft lot.


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