Tuesday, May 1, 2007

WEST HOLLYWOOD MELTDOWNS

Click on Comments to add or research recent evaluations

14 comments:

latesummer2008 said...

6135 Barrows Dr. West Hollywood, CA 90048
2+2, 1760 sqft, SOLD on 10/19/06 for $1010K, 7500 sqft LOT

1760 / 7500 = .234 (HF) Housing Factor
.234 x $1010K = $236.3K (HV) Housing Value
$236.3K / 1760 = $134.3 / sqft (P/SQFToH)

1.0 - .234 = .766 (LF) Land Factor
.766 x $1010K = $773.7K (LV) Land Value
$773.7K / 7500 = $103.2 / sqft (P/SQFToL)

134.3 + 103.2 = 236.5 (HPM) House Price Multiplier


6175 Barrows Dr. West Hollywood, CA 90048
3+2, 1855 sqft, SOLD on 10/24/06 for $905K, 7500 sqft LOT

1855 / 7500 = .247 (HF)
.247 x $905K = $223.5K (HV)
$223.5K / 1855 = $120.5 / sqft (P/SQFToH)

1.0 - .247 = .753 (LF)
.753 x $905K = $681.5K (LV)
$681.5K / 7500 = $90.9 / sqft (P/SQFToL)

120.5 + 90.9 = 211.4 (HPM)


(HPM) 211.4 / 236.5 (HPM) = .894 (RBX) Rabindex (-10.6%) in only 5 days!

latesummer2008 said...

Here is another CONDO meltdown:

7916 Blackburn Ave #3, LA CA 90048
3+4, 1470 sqft, SOLD on 2/28/07 for $888K, $604 / sqft

7916 Blackburn Ave #10, LA CA 90048
4+3, 1561 sqft, SOLD on 4/7/07 for $740K, $474 / sqft


474 / 604 = .784 (RBX) Rabindex (-21.6%) in 6 weeks!

latesummer2008 said...

Any other observations out there in West Hollywood ?

latesummer2008 said...

Impressive CONDO meltdown :

100 S. Doheny Dr. #401 LA 90048
1+2, 737 sqft, SOLD on 6/15/06 for $465K, $630 / sqft

100 S. Doheny Dr. #211 LA 90048
1+2, 886 sqft SOLD on 5/15/07 for $417.5K, $471 / sqft


471 / 630 = .748 (RBX) Rabindex (-25.2%) in 11 months

latesummer2008 said...

According to Melissa Data, last month, the number of sales and average selling price for 90048 was:

5/06 25 sales @ $1185K

5/07 13 sales @ 905K


Sales -48.0%

Price -23.7%

latesummer2008 said...

According to the LA Times June 17th Southland Home Sales Report, for the months of January - April of 2007, the zip code 90048:

Dropped -7.3 in $/sqft
$711 - $659

latesummer2008 said...

According to Melissa Data just in, Zip Code 90048 :

16 Sales, Average Selling Price $1229K, (6/2006)
20 Sales, Average Selling Price $1094K, (6/2007)

Sales +25.0%
Average Selling Price -11.0%

latesummer2008 said...

Something is going on in West Hollywood, 90048. I just checked Melissa Data, and there have been:

43 SALES
AVERAGE SELLING PRICE = $676K
So far, in July 2007

Compared to:

15 SALES
AVERAGE SELLING PRICE = $1075K
For ALL of July 2006

676K / 1075K = 61.9%
38.1% DROP of AVERAGE SELLING PRICE since last year!

What gives?

latesummer2008 said...

West Hollywood took a big hit during the month of November according to DataQuick. Measuring year over year (YOY) and looking at the CA City and County Chart:

$815K (2006)
$545K (2007) on 30 sales
-$260K (-33%)

latesummer2008 said...

Found this current sale on Zillow:

643 N. Hayworth 90048
Built 1924, 3Br + 2Ba, 1628 sqft, 6600 sqft lot
SOLD 02/28/08 for $860K ($528/sqft)

compared to:

533 N. Edinburgh 90048
Built 1928, 3Br +2Ba, 1680 sqft, 6550 sqft lot
SOLD 11/28/07 for $1225K ($739/sqft)

860/1225 = 70.2 (-29.8%) in 3 months..

Is Edinburgh worth that much more or have prices started to roll back to 04' maybe even 03?

Anonymous said...

643 N Hayworth was zoned LAR-3. This zoning allows 1 unit per every 800 square feet of surface area. It is an 8 unit single lot development site, and single lots are difficult to obtain construction financing for a myriad of factors. On contrast, 533 N Edinburgh is LAR-1 zoning, meaning, only single family homes can be built on this street. As 533 Edinburgh is located on the West side of the street, it does not butt up against multifamily buildings.

You may contact me me at Jakelulu2000@yahoo.com for further info.

latesummer2009 said...

This meltdown just in for 90048:

122 S. Edinburgh, 3+2, 1637 sqft
SOLD (6/30/08) for $712K
$434/sqft

as compared to:

115 S. Edinburgh, 3+2, 1545 sqft
SOLD (10/26/07) for $2,350K
$1521/sqft

152 S. Edinburgh, 2+1, 1307 sqft
SOLD (4/25/08) for $810K
$618/sqft

90048 is taking hits...

latesummer2009 said...

122 S. Edinburgh was sold for lot value. 115 S. Edinburgh is newer construction and looks like 5 bedrooms. 152 S. Edinburgh is actually a good comp as it too looks like a major fixer/possible teardown, similar lot, same side of the street.

122 could be possible flipper due to 152s' price tag. Good luck...

$434/618 sqft = - 30% in 2 months!!

In addition, we now have established lot value for this side of the street as of 6/30/08.

$810K / 6600 sqft = $123/sqft
$712K / 6600 sqft = $108/sqft
-12.2% in 2 months!

MAJOR MELTDOWN........

latesummer2009 said...

Here is the Rabindex for the 100 block of S. Edinburgh:

152 S. Edinburgh 90048
SFR 2+1, 1307 sqft, SOLD for $810K on 4/25/08, Lotsize 6600 sqft

1307/6600 = .20 Housing Factor (HF)
.20 x $810K = $162K Housing Value (HV)
$162K/1307 = $123.9 Price Per Sqft of Housing (P/SFToH)

1.0 - .20(HF) = .80 Land Factor (LF)
.80 x $810K = $648K Land Value (LV)
$648K/6600 = $98.2 Price Per Sqft of Land (P/SFToL)

123.9(P/SFToH) + 98.2(P/SFToL) = 222.1 House Price Multiplier (HPM)



122 S. Edinburgh 90048
SFR 3+2, 1637 sqft, SOLD for $712K on 6/30/08, Lotsize 6600 sqft

1637/6600 = .25 (HF)
.25 x $712K = $178K (HV)
$178K/1637 = $108.7 (P/SFToH)

1.0-.25(HF) = .75 (LF)
.75 x $712K = $534K (LV)
$534K/6600 = $80.9 (P/SFToL)

108.7 + 80.9 = 189.6 (HPM)


189.6/222.1 = .851 Rabindex (RBX)
-14.9% in 2 months!

Land Value (LV) dropped over $100K in 2 months ($648K - $543K) -16.2%

The declines are accelerating...