BEVERLY HILLS MELTDOWNS
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Desert Allegory
By Mort Rabinowitz
The Wedding Couple
By Mort Rabinowitz
Female Nude #2
By Mort Rabinowitz
Abstract #1
Mort Rabinowitz
10 comments:
216 S. Canon Beverly Hills, CA 90212
3+2, 1772 sqft, SOLD for $1828.6K on 4/12/07, 6050 sqft LOT
1772 / 6050 = .29 (HF) Housing Factor
.29 x $1828.6K = $530.3K (HV) Housing Value
$530.3K / 1772 = $299.2 / sqft (P/SQFToH)
1.0 - .29 = .71 (LF) Land Factor
.71 x $1828.6K = $1298.4K (LV) Land Value
$1298.4K / 6050 = $214.6 / sqft (P/SQFToL)
299.2 + 214.6 = 513.8 (HPM) House Price Multiplier
232 S. Canon Beverly Hills, CA 90212
4+2, 2098 sqft, SOLD for $1700K on 4/17/07, 6050 sqft LOT
2098 / 6050 = .346 (HF)
.346 x $1700K = $588.2K (HV)
$588.2K / 2098 = 280.4 / sqft (P/SQFToH)
1.0 - .346 = .654 (LF)
.654 x $1700K = $1111.8K (LV)
$1111.8K / 6050 = $183.8 / sqft (P/SQFToL)
280.4 + 183.8 = 464.2 (HPM) House Price Multiplier
(HPM) 464.2 / 513.8 (HPM) = .903 (RBX) Rabindex (-9.7%) in only 5 days!
Just came across this CONDO meltdown:
211 S. Spaulding DR. #S00108, BH, CA 90212
2+3, 2237 sqft, SOLD on 12/5/06 for $1330K, $595 / sqft
211 S, Spaulding Dr. #S00103, BH, CA 90212
2+3, 2143 sqft, SOLD on 1/31/07 for $932K, $435 / sq ft
435 / 595 = .731 (RBX) Rabindex (-26.9%) in 2 months!
Any other observations about Beverly Hills?
BH 90210 is showing major declines:
37 House Sales, Median Price $4380K (March 2007)
to
20 House Sales, Median Price $2510K (April 2007)
2510 / 4380 = .573 (RBX) Rabindex (-42.7%) in a month
In addition, Home Price per Square Foot dropped from:
$920 / sqft (March 2007)
to
749 / sqft (April 2007)
749 / 920 = .814 (RBX) Rabindex (-18.6%) in a month..
2 CONDO Meltdowns just in for 90210
9233 Burton Way Unit #204 BH 90210
2+3, 1452 sqft, SOLD on 6/29/06 for $1175K, $809 / sqft
9233 Burton Way Unit #503 BH 90210
2+3, 1710 sqft, SOLD on 5/1/07 for $1209K, $707 / sqft
707 / 809 = .874 (RBX) Rabindex (-12.6%) in 10 months
321 N. Oakhurst Dr. #203 BH 90210
2+2, 1792 sqft, SOLD on 4/27/07 for $835K, $466 / sqft
321 N. Oakhurst Dr, #304 BH 90210
2+2, 1823 sqft, SOLD on 4/27/07 for $720.1K, $395 / sqft
395 / 466 = .848 (RBX) Rabindex (-15.2%) on the same day. Ouch!!!
According to Melissa Data, last month, the number of sales and average selling prices for 90210 were:
5/06 14 sales @ $2435K
5/07 31 sales @ $1516K
Sales +121.4%
Price -37.3%
According to the LA Times June 17th Southland Home Sales Report, for the months of January - April of 2007, the zip code 90210
Dropped -53.6% in volume
# of sales 56 - 26.
According to the LA Times Southland Home Prices (6/24/07):
Beverly Hills 90212
$/sqft dropped from:
April $840 / sqft
to
May $734 / sqft
734 / 840 = .874 (RBX) Rabindex -12.6%
Beverly Hills median prices in November, measured year over year (YOY), were off quite a bit according to DataQuick:
In the CA City and County Chart:
$2037.5K (2006)
$1525K (2007)
-512.5K (-25%)
Thanks were a beverly hills real estate blog that caters to blog readers in cheviot hills and beverly hills. So thanks and well pass on out our senior club too, to read your blog,Beverly Hills Real Estate.
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