Saturday, April 14, 2007

West Hollywood Meltdowns

This blog is designed to document the current real estate decline in West Hollywood. Here are the first West Hollywood Meltdowns:

8455 Fountain # 511, West Hollywood 90069
CONDO 2+2, 1460 sq ft, $885K, SOLD 5/3/06, $606/sq ft

8455 Fountain# 517, West Hollywood 90069
CONDO 2+2, 1480 sq ft, $670K, SOLD 3/19/07, $456/sq ft (-24.8%)

1131 Alta Loma # 424, West Hollywood 90069
CONDO 2+2, 980 sq ft, $648K, SOLD 6/7/06, $661/sq ft

1131 Alta Loma # 417, West Hollywood 90069
CONDO 2+2, 1003 sq ft, $580K, SOLD 11/27/06, $578/sq ft (-12.6%)


covered said...

Uh oh, starting to see some real hits happening. As predicted by almost everyone here, the condo market is first to tumble.

latesummer2008 said...

Yes, that is correct. Condos are the first link of the housing chain, as many entry level buyers begin there. One entry level sale can possibly affect 2,3,4 or more sales up the chain. Get ready for summer, it should be interesting.

latesummer2008 said...

Some food for thought:

As stated in the LA Times on 3/18/07, the MEDIAN sales price was DOWN 16.8% year over year (YOY) for the zip code 90046, on 19 SALES, for the month of FEBRUARY 07'.

Anonymous said...
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Anonymous said...

As a professional real estate agent specializing in the West Hollywood market, I find the premise of your "meltdown" blog misleading, if not inaccurate.

If you had indeed visited the unit mentioned in "Fountainview" at 8455 Fountain, you would have found it was a foreclosure, in poor condition, with one of the worst exposures of the building from over the garage entry of the side driveway.

Actual visits to similar properties on a daily basis would have corrected your sweeping generalization of a "meltdown".
In fact, if anyone had bothered to check, median sale prices for condos have actually increased over October of 2006 and for the 2007 year-to-date.

Common sense dictates that "price per square foot" can mean very little, and should not be used as the basis for a predication of inaccurate doom.

Please use your blog for real education, not to grab attention.

latesummer2008 said...

And I suppose your "professional" advice is for people to buy property now with the current market conditions? Hate to burst your bubble, but when appraisers use that as a comparable sale it will lower the value of all units in the building considerably. Sounds like your having a harder time with the market now like most "professional agents" or you live in the building.