West Hollywood Meltdowns
718 Croft Ave #204, 90069
3+3, 1710 sqft, Sold for $892K on 7/29/08, $521/sqft
718 Croft Ave #104, 90069
3+3, 1680 sqft, Sold for $1,000K on 6/9/08, $595/sqft
Slightly larger unit, Higher floor, Sold for $74/sqft (-12.4%) off, less than 2 months later . Annual Rate of Decline (ARD) = 90.5%
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12 comments:
Two more 2008 West Hollywood Meltdowns, using the Case-Shiller method of comparing same-home sales:
8704 Ashcroft Ave, 90048, 2+1 SFR
1081 sqft, 5175 sqft lot
Sold for $800K on 8/29/08, $740/sqft
Sold for $1000K on 10/8/04, $925/sqft
1233 N. Laurel Ave #107, 90046, 2+1, 876 sqft
Sold for $386K on 5/19/08, $441/sqft
Sold for $512K on 1/27/06, $585/sqft
Excellent meltdowns. Case-Shiller comps, where you have 2 or more sales on the same property are the best. Great work!
Another apparent West Hollywood meltdown, again using the Case-Shiller method:
838 N. Doheny Dr. #801, 90069, 2+2, 1,478 sqft
(Doheny Plaza Condominiums)
Sold for $800,000 on 9/11/07, $541/sqft
Sold to Doheny Plaza LLC for $550,000 on 11/21/08, $372/sqft
Looks like a deal, but an "inside" purchase deal perhaps?
Or possible foreclosure? Regardless, it shows people are having difficulty making payments. Job losses are now having an effect on the market.
West Hollywood Condo Meltdowns Continue:
Two condos at 950 N. Kings Road, 90069
#116, 1+1, 761 sqft
Sold for $310,000 on 10/20/08, $407 sqft
Sold for $398,000 on 09/12/05, $523 sqft
#354, 1+1, 804 sqft
Sold for $368,000 on 11/21/08, $458 sqft
Sold for $435,000 on 01/11/06, $541 sqft
1021 N. Crescent Heights, #105, 90046, 2+2, 990 sqft
Sold for $337,500 on 12/30/08, $341 sqft
Sold for $575,000 on 08/25/06, $581 sqft
Kings Rd #116 (-22.1%) 2004 rollback
Kings Rd #354 (-15.4%) 2005 rollback
N.Crescent Heights #105 (-41.4%) 2002 rollback WOW..
Great work, keep the meltdowns coming!
Here's another one:
1345 N. Hayworth #210, sold 6/2008 for $690K -- 2 beds, 2 baths, about 1100 square feet
1345 N. Hayworth #114 -- 2 beds, 2 baths, 1041 square feet -- currently on the market for $599K
I've seen both units, and IMHO the second one, while a tiny bit smaller, is actually better positioned within the building -- courtyard view, ground floor.
That's a $90,000 (7%) price cut at the current asking price, in just over 6 months. We will have to see what it sells for.
Condos at 927 N. Kings Road, 90069:
#208, 1+1, 989 sqft
Sold for $390,000 on 08/01/08, $394 sqft
Sold for $440,000 on 11/29/07, $445 sqft
#205, 1+1, 963 sqft
Sold for $370,000 on 10/18/08, $384 sqft
Sold for $405,000 on 07/07/06, $421 sqft
#107, 1+1, 964 sqft.
Asking $359,000, $372 sqft, currently looking for backup offers.
We shall see what happens with #107, but it seems like a steady, ongoing descent in this complex.
Latest from Melissa Data for January, 2009 (YOY)
90048
Total Sales Volume $7,160,000 (-45.5%)
Average Sales Price $895,000 (-8.1%)
Market Leader #9 to the downside...
2009 West Hollywood meltdown, using the Case-Shiller method of comparing same-home sales:
9041 Harland Avenue in the Norma Triangle neighborhood just east of Doheny Dr. and north of Santa Monica Blvd., zip 90069
2+2 SFR with pool, 888 sqft home, 3,696 sqft lot
Sold for $899,000 on 07/21/05, $1,012/sqft
Sold for $715,000 on 02/02/09, $ 850/sqft
Purchase price decline = 20.5 percent
I am sure since the market peaked in 2007, the price decline is actually much greater.
Keep those meltdowns comin..
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