Sunday, October 4, 2009

Westside Neighborhood Pecking Order

Their is an old saying "Always buy the cheapest house in the best neighborhood you can afford". This will be true, once the Westside market stabilizes. In order to compare neighborhoods, lets look at an original 2br or 3br + 1ba house, on a standard sized lot. The difference in neighborhoods is more about the the land value, than the house. For matters of comparison, the less improvements the better.

The Westside Neighborhood Pecking Order is as follows:

1) Malibu
2) Beverly Hills
3) Brentwood
4) Pacific Palisades
5) Bel Air
6) Sunset Strip
7) Westwood
8) Cheviot Hills
9) West Hollywood
10) Hollywood Hills
11) Marina del Rey
12) Santa Monica
13) Venice
14) Beverlywood
15) West LA
16) Culver City
17) Miracle Mile
18) Mar Vista
19) Westchester
20) Ladera Heights
21) Palms

Keep in mind, we are only looking only at starter houses. If anyone has recent sales information on starter house sales for these areas, please post the details.


Anonymous said...

Your pecking order is correct, but there are micro neighborhoods inside each of the neighborhoods you mentioned.

For example, the best micro neighborhood on the west side is beverly park where houses average 18 million.

Another example, you list S Monica low on your list but a skanky delapidated starter home North of Montana is still 1.5 million

Anonymous said...

True about the micro neighborhoods, Upper Ladera Height is much nicer than lower which is nicer than the eastern section. I don;t understand why Westchester rates higher (and I agree it is true) when it has higher crime and smaller homes and lots than Ladera Heights. I also don't care for large sections of Venice, Mar Vista and Culver City which are definitely the worst areas on the west side.

Anonymous said...

In Westwood:
10669 Wellworth Ave., 90024 from Redfin - sold Jun 24, 2009 for $725K 3/2 SFR 1,778 SQ. FT.,

10511 Eastbourne Ave. LA CA.
Aold Aug. 4, 2009 for $875K 3/2 SFR 1472 SQ FT.

Both are south of Wilshire, so technically in the Westwood "slums".

A sale is a sale, so this will affect the comps in that area.


Anonymous said...

"There is no life east of Sepulveda", this was the mantra to anyone growing up in coastal Los Angeles.

Although, Beverly Hills, Bel Air, Westwood, Hollywood Hills and other inland neighborhoods may have superior homes and landscaping, they are GU. Geographically Undesirable.

From the point of view of traffic congestion, air quality,weather and easy access to transportation hubs these areas are terrible.

Here's an important factor: can you ride a bike to the beach? This is the reason why Venice, Santa Monica, and Marina Del Rey will maintain their value while other areas will lose value more quickly.

Anonymous said...

Riding a bike to the beach is key. But living WEST of Lincoln is always better than East of Lincoln.

In fact here and there I see shirts that say AWOL (Always West of Lincoln)

Anonymous said...

"There is no life east of Sepulveda", this was the mantra to anyone growing up in coastal Los Angeles.

Well, now we know who is on this site.... There are some real small town, self-satisfied minds on this site. You guys (gals?) are hilarious!

First of all, if you are really thinking about "easy access to transportation hubs" I would include the 405 freeway, which is much more accessible from Westwood and Palms than from Santa Monica. Pacific Palisades and Malibu are horribly inconvenient if what you care about is transportation!

Second, unless you are jobless, retired, work at home or in Santa Monica (or one of those really important businesses HQ'd in Malibu or Pacific Palisades -- right!), you are fully forgetting commute times. People need to meet other people IN TOWN, and most real business (including entertainment, oh Santa Monica studio kings) is still east of Sepulveda, so I would rather live closer to work than the beach. You have a lot of time to bike or walk there? Good for you. But busy people do not.

Third - Most of the restaurants, and all of the music venues and museums and theatres worth visiting are east of the 405. So, are you essentially a bunch of beach hippies and frat boys, or do you live in a great city and enjoy its resources.

Just so you know, I worked out of an SM office for years. And I lived in SM. I know what it is like to live there. And you know what? I found myself driving EAST a LOT to get to what I wanted to get to. So now I live east of the 405, and love it. Try getting away from 3rd Street Promenade once in a while. You might like it.

Latesummer2009 said...

Let's not get into any pissing matches here. This thread is about pricing, not which neighborhood is better. Different strokes, for different folks.

Frank, nice post for Westwood. The idea here, is to post recent starter house sales, in different Westside areas. That way, everyone can make their own decision, when the time comes. Serious buyers should be scouring their desired neighborhoods and getting familiar with as much property as possible. The more you know the inventory, the better. And you never know, if that listing your looking at today, could become an REO in the future. I have a feeling, many of them will.

Anonymous said...

The 405 in Westwood?? Are you kidding me?? The stretch of the 405 between Sunset and the 10 is the absolute worst.

Anything in and around the 10 & 405 interchange is a nightmare. Residents in Santa Monica along the Pico/Pearl juggernaut are literally captives in their homes for several hours in the late afternoon and evening.

I've actually made it to event sites in Hollywood by bus faster from Marina Del Rey than friends have leaving from Westwood at the same time when you include the time hassling for parking and getting in and out of lots required by driving a car.

Anonymous said...

"Residents in Santa Monica along the Pico/Pearl juggernaut are literally captives in their homes for several hours in the late afternoon and evening."

No, that's when we get out the bikes and get to the beach in 10 minutes.

Anonymous said...

I really really like the idea of posting starter homes in different neighborhoods here - let's get as many starter homes as possible on this and then discuss the positives and negatives of each neighborhood. I personally define a starter home as one that is smaller than 1300 square feet. I mean McMansions are 4 thousand square feet and I think a starter home should be less then one third the size of a McMansion.

Here is my entry for a typical entry level starter home


747 23rd Street, a 3 bed / 2 bath 1,216 SF house closed 9/29/09 for $1,645K.

"A bright & sunny traditional (2 bdrms + den/possible 3rd) with an open floorplan & hrdwd flrs throughout. Very livable for now --then perfect for expansion/redoing later. Featuring an updated kitchen with newer stainless appliances opening onto the living/dining areas & perfect for entertaining. Beautiful frontyard and backyard both lushly landscaped. Situated on a great street in the Franklin School district & an easy stroll from all the Montana Ave shops and the Brentwood Country Mart"

I think that $1.6 million is typical for a starter home in the "North of Montana" neighborhood of Santa Monica.

Can other people post starter homes in other neighborhoods ?

Anonymous said...

Does that Westside Neighborhood list really include "Los Feliz"? REALLY?

Anonymous said...

First of all, we have evidence so far that a starter home in Westwood South of Wilshire is 700 thousand and in Santa Monica North of Montana is 1.6 million. This is for a house of similar age and quality.

Apples to apples the SM neighborhood is more than twice as much money. Let's get more data points

Anonymous said...

A poster raises an interesting question about "West Side"

I mean most people I know who live in Pasadena or in the OC, when they say West Side they mean anything and everything West of Down Town Los Angeles. That means the West Side neighborhoods include Los Feliz, Silver Lake, Mid Wilshire, Hancock Park, and et.

On the other hand, I have heard other people say that the West Side includes only Beverly Hills and the neighborhoods to the WEST of Beverly Hills. A shorter list of hoods.

Can we decide right here and now what the scope of this blog is?
Personally I would prefer if we use that later definition of West Side

Anonymous said...

Los Angeles area boundaries have always been defined my major street locations. Here's those for the "Westside"

Eastern Limit: La Cienega - Hancock Park and Fairfax district are not the Westside

Northern Limit: Mulholland or the ridge line of the Santa Monica Montains where Mulholland peters out.

Southern Limit: Jefferson Bl, plus or minus a few areas such as Playa Vista.

Anonymous said...

Anon 8:06am - I don't have a quibble with your definition of a starter home being 1300 SQFT or less - just that it is pretty restrictive for areas outside SM. Also, there are many, many condos that are 2-3 bedroom with that square footage (or higher). If you include those, the prices really drop, especially along "Foreclosure Valley" - the Wilshire condo corridor in Westwood between the 405 and BH.


Anonymous said...

Help me understand
what is the price of condos in the foreclosure valley? Give us prices for condos with no view and for condos with good view

Are we talking 500 bucks a sq foot yet ?

Anonymous said...

Plenty of inexpensive condos all over the West Side
check out
10787 Wilshire Blvd. Unit: 1504 Los Angeles, CA 90024$599,000
This is a beautiful place for only 400 a sq foot.

HOWEVER most of us want a SFR so let's limit this discussion to SFRs

So far North of Montana is the most expensive place to buy a true starter home : 1.6 million. Any other neighborhoods have small old houses for 1.6 mil ?

Anonymous said...

See this chart to get a better idea of what is the price in WW south of Wilshire (the chart includes the 10669 Wellworth Ave house).

Latesummer2009 said...

Let's keep the dialogue to SFRs as these will help value the land whoich is the biggest difference between areas. So far, we have 3 data points, e in Westwood and 1 in Santa Monica. On different threads we can breakdown micromarkets in different areas.I should have included Hancock Park and Silverlake. I will correct the post tonight.

Anonymous said...

Might as well add San Marino and South Pasadena in as well....

Anonymous said...

I rspectfully disagree that Silverlake and Hancock Park are on the Westside. Ask anyone who lives in Silverlake -- they'll tell you they don't live on the Westside. I agree with the previous comment about La Cienega being the eastern boundary.

Anonymous said...


Latesummer2009 said...

Ok, we will draw the line at La Cienega on the East, Mulholland on the North and Jefferson on the South. Los Feliz, Silverlake and Hancock Park will not be included for the purpose of this conversation.

Once this gets rolling, it would be great to have a thread for each area, where all the micromarkets could be discussed. Hopefully, this will become a site where actual sales can be posted and people can cut through all the real estate sales hype.

Anonymous said...

Here is the low end for the Westdale "micro neighborhood" in Mar Vista (in my opinion the nicest area in Mar Vista).

Latesummer2009 said...

Excellent data point for Mar Vista Hill, 90066.

3336 Inglewood Blvd
3+2, 1314 sqft, Lotsize 7150 sqft
YB 1951

SOLD on 7/31/09 for $690,000.

Keep those starter sales comin'

Anonymous said...

Here is a data point for a starter house in a very nice/quiet area of Cheviot Hills.

10572 Putney Rd. 90064
2+2 1451 sqft, Lotsize 7003 sqft
YB 1946

SOLD on 8/14/09 for $750,000

Anonymous said...

And here is a data point for a starter house in Bel Air that is not on Beverly Glen Blvd. (it is on Beverly Glen Place away from major traffic).

2249 Beverly Glen Pl 90077
2+2 (and a 1+1 guesthouse)...I toured this house and it was very livable.
1508 sqft house on 7532 sqft lot.
YB 1939

SOLD on 9/25/09 for $910,000

Anonymous said...

Definitely need to identify some sort of Line for North of Sunset Bel Air, Beverly Hills and Brentwood -- anything more than 1/2 way up the hill to Mulholland is a different market than South of that line...

Anonymous said...

This is very very helpful - let's keep it going.

So far we see lots of nice livable starter homes available for 700 thousand or 800 thousand on the West Side.

The absolute most expensive neighborhood for a starter home is North of Montana - let's say that the absolute minimum for a bare bones starter home is 1.5 million there.
Keep the data coming

Anonymous said...

How is this helpful? This is a waste of time. You want to see prices, log onto Redfin or Zillow. Or, OMG(!), ask a realturd to ballpark entry home prices.

I have been buying into the theories on this blog for some time, but every time I go to look at "entry" homes in Santa Monica or Culver City, there are multiple offers within one or two open houses. They are selling fast, bar any obvious problems, crazy price, or locations near the freeway.

One is in escrow in Mar Vista, waaayyy down on your list of neighborhoods, that had four offers two days after the first open house.

I think the theories espoused on this board are weakening by the day. Realtards are telling me that offers routinely include more than 20% down on these entry homes, and that full cash offers- mostly "low ballers"- are rampant. It is a fact that multiple offers and bidding wars are back on entry homes in the Westside.

Many posters on this website laughed at the starter home prices, they also strongly denied that anyone would be solvent enough to be making full cash offers.

Face it- the Westside IS different, and, although no massive rebound back to the bubble, prices have stabilized and they are NOT down around 2003 prices.

This is true no matter what their number on your fine little list.

Anonymous said...

This was a fairly decent entry-level house needing moderate rehab in Mar Vista North of Venice but South of Palms.

11631 Charnock Rd. 90066
3+2 1406 sqft lot size 5480
SOLD 5/29/09 for $625,000

and its neighbor had a comparable sale (this was a bit more of a fixer with a pool):

11625 Charnock Rd. 90066
4+2 1701 sqft lot size 5895
year built 1954
SOLD 3/13/09 for $607,000

Anonymous said...

This is helpful as we are looking at sold prices rather than current listing prices.

Anonymous said...

Here is an entry-level house in the very quiet Lucerne-Higuera area of Culver City 90232. I saw this house and admit that it definitely needed work.

4151 Higuera St. 90232
3+2 1772 sqft lot size 5400
year built 1948
SOLD 9/18/09 for $630,000

Anonymous said...

Here is a starter home that was pretty much move-in ready (yes I toured this one too) on a nice, tree-lined street in Vets Park Culver City 90230.

10747 Garfield Ave. 90230
3+2 1405 sqft lot size 6,000sqft
year built 1939
SOLD 7/29/09 for 760,000

Anonymous said...

Here is an entry-level data point for northern Roscomare Canyon Bel Air 90077.

2257 Roscomare Rd. 90077
2+2 1469sqft lot size 6810
year built 1952
SOLD 5/8/09 740,000

Anonymous said...

Here are two "entry-level" homes in Brentwood 90049. They both have location discounts (especially the first one that has the Ralph's parking lot out the front door and Bundy running along the side of the house). The second home is on Bundy, but north of Wilshire and set back nicely from the street.

12055 Goshen Ave. 90049
2+2 1394 sqft lot size 8100 sqft
year built 1954
SOLD 5/1/09 $850,000

956 S. Bundy Dr. 90049
3+2 1628 sqft lot size 6900
year built 1941
SOLD 6/18/09 for $950,000

Anonymous said...

This was a home that sold in a very nice part of Cheviot Hills. I toured it and it needed a fair amount of rehab. It was also terraced into a hill and had little backyard.

10510 Cheviot Drive 90064
listed as a 2+2, but was really 3+2
1680 sqft lot size 5615
year built 1937
SOLD 6/12/09 for $865,000

Anonymous said...

This is a house that sold in a fantastic pocket of westwood (north of olympic and east of Beverly Glen). The price on this one might indicate land value. I saw this house too, and I am guessing it has major foundation problems (large cracks in every corner of the house and a massive redwood tree growing literally two feet from the house).

10350 Mississippi Ave. 90025
Records show 2+1, but was a 3+2
1640 sqft lot size 5730
Year Built 1925
Sold 6/10/09 for $710,000

Anonymous said...

When I saw this house, it was in livable condition. It is in a decent area of Westwood North of Olympic and West of Beverly Glen.

1910 Fairburn Ave. 90025
3+2 1477sqft lot size 6700
Year Built 1938
SOLD 8/14/09 for 888,000

Anonymous said...

I attended an open house for this home in the Westside Village neighborhood of Palms (Clover Elementary). The house was in fair condition.

3214 Military Ave. 90034
2+2 1230 sqft lot size 6400
year built 1947
SOLD 4/10/09 for $645,000

Jon H said...


Do these sales confirm or refute the hypothesis about prices on the Westside continuing to decrease? Are they going back up?

Also, pardon my forwardness, but what is to be gained from looking at the selling prices instead of looking at graphs for neighborhoods, such as Zillow's estimates?

Latesummer2009 said...

Having actual sales gives you more important information that you can draw on about neighborhoods, construction and land values. Also, individual comps will help you compare houses easier.

There are still few sales happening and prices continue to decline. Keep in mind all the talk about multiple offers is coming from realtors. True they may have more than one offer, but WHAT kind of offer is it. Most are probably, Lowball, Contingent or just plain weak. I still think anyone buying today is jumping the gun unless they get 50% off peak pricing (2007).

Great work on posting the starter sales for different areas. Still looking for:

Santa Monica
Pacific Palisades
Beverly Hills
Marina del Rey
Hollywood Hills
West Hollywood
Sunset Strip
Ladera Heights
Miracle Mile

Keep up the great work..

Anonymous said...

Santa Monica North of Montana -
Cheapest price for NON livable house 1.5 million

Santa Monica North of Montana - Cheapest price for a house you could actually live in for a year or two 1.6 million

Rest of Santa Monica MUCH cheaper

Anonymous said...

There are two neighborhoods in Santa Monica at opposite ends of the spectrum.

Anonymous said...

let's face it and stop hoping: it just doesn't seem like anyone can buy any livable starter home on the westside for less 600k with at least a 20% down payment and stable take home income (not gross) of at least 3 times the monthly mortgage and tax payments. Eg. 600k home with 20%

If you want to buy on the westside below is the minimum income you should have unless you have access to extra cash.

480K mortgage
2600 monthly mortgage payment
500 monthly property tax
150 home insurance

3250/month total housing related payments
9750/month take home after taxes
150k income/year

150k/per year is totally doable for ALOT of mid professionals in W LA. That's probably why the prices are holding up.

Anonymous said...

Agree that 'starter homes' in West LA aren't likely to go lower than 600K. That said, most of such starter homes are small dumps still listed at $800K to $1.0M.

I hope no one tries to prove me wrong by listing that 700sqft shack for $650K on busy Colorado St. near the border of W LA / SM. What a joke. That's not a house, it's a condo with a fence around it and no parking.

-Happy renter in West LA

Anonymous said...

OK - so "150k/per year is totally doable for ALOT of mid professionals in W LA. That's probably why the prices are holding up."

YAH, but (personally) I am interested in a 4BR in the top neighborhoods. They go for over $2.5mm right now (and need $500k of work on them).

How many folks are making over $700k per year and have $500k to put down and another $500k to put into the house (and are not worried about housing prices dropping or their income dropping)?

Anonymous said...

This thread is NOT about nice four bedrooms. It is about starter homes.

If you make $150k you can afford plenty of starter homes in plenty of neighborhoods INCLUDING in Santa Monica (in the Pico Neighborhood)

However if you want to live in an 1100 sq foot starter North of Montana you need to make $300k per year.

If you make less than $300k, don't bother showing up North of Montana. You don't make the cut.

If anyone thinks I am doing the math wrong please speak up

Anonymous said...

Zeroing in on West Hollywood where a standard SFR lot is more like 4,000 - 4,500 sqft as opposed to the 9,000 sqft in North of Montana's Gillette Square, and remembering that this blog considers its eastern boundary to be La Cienega (thus making irrelevant for this discussion two thirds of WEHO), here for your consideration:

In the Norma Triangle Neighborhood (north of Dan Tana's and the Troubadour on SM Blvd, stretching toward Sunset Blvd):

9041 Harland, 888/3,696 sqft, 2/2 with pool, updated inside, move-in-able.
$715K REO sold 02/02/09 (previous sale was
$899K 7/21/05)

In the West Hollywood West Neighborhood (south of Melrose and the Pacific Design Center but before reaching Beverly Center and Cedars Sinai):

513 Norwich, 903/5,200 sqft, 2/1, old interior but could survive until an update and the lot is "oversized" for a WEHO SFR.
$760K, sold 5/15/09

8908 Dorrington, 1,140/4,000 sqft, 2/1, move-in-able and nicer than the two above.
$860K, sold 7/8/09

Anonymous said...

i'd love to see an analysis on areas like Mar Vista - it's true that decent houses are selling within days. in the $800,000s - look at 3790 Wasatch Ave in 90066 - listed at $859,000 and only on the market for a week before going inactive. The open houses are all pretty busy. Why does mar vista seem to be holding up? there's nothing there...

Anonymous said...

Mar Vista offers safety, a neighborhood without violent gangbankers. You can buy a house with safety for 800 thousand. In Santa Monica the houses that cost 800 thousand are near the gangbanger mecca of Pico and 18th. Look it up - people get shot (there was just a gangbanger drive by in the cheap part of Santa Monica)

So yes you can buy in SM for 800 k but only in the scummy hoods

That explains why people rush to pay 800k in Mar Vista

Anonymous said...

So, why are homes selling in the 800Ks and above in that part of SM's Sunset Park neighborhood that abuts Pico? Perhaps Santa Monica public schools are better than those in LA's Mar Vista?

Yeah, I like that Mar Vista Hill view but once you've clawed your way to top and realize at night that you'll be out of half&half in the morning, exactly where do you go? Venice Blvd?

At least Sunset Park also has--parallel to Pico-residential Pearl, then Ocean Park Blvd with stores,
residential Ashland, and, yeah, then the airplanes.

But still, SM's SP seems preferable to L.A.'s MV. And, there appear to have been some recent bargains there, fixers on good sized 6,500+sqft lots just 25 to 30 blocks from the ocean.

Anonymous said...

All of your points are very very good.

Let me lay out the circumstances of a typical family that is buying.

Let's call them Jim and Jane. Two kids under the age of five. Jane stays home to watch the kids. Jim makes almost enough to afford a $850k home but the can get some money from parents and want to stretch and pay $850k

Jim's job is in Santa Monica, and he is sure that if he loses that job the next job he will get is in Santa Monica.

Three choices as to where to live - the valley, Sunset Park right near Pico, and Mar Vista.

Well first of all, if this were 15 years ago they would certainly buy in the valley. This is because the commute from the Valley to SM was easier to do than it is today. High population growth in past 15 years makes that commute hell so fewer people who can afford it will do it

That leaves Santa Monica near Pico or Mar Vista. It's all a matter of preferences. Some people would rather be near retail even if by being near retail they are near more gangs. Others would rather be farther from gangs and farther from retail

Lots of people in Pico are just fatalistic about the gangs

Anyway, the truth is that today, if you only have 800 thousand to spend you either have to accept gangs, or a long commute, or living in a neighborhood with no retail (like Mar Vista) - plenty of people complain and moan and say how unfair it is, but for those that work in Santa Monica, those are the facts. What negative would you rather accept ?

Billy1 said...

To answer anonymous 9:27, if you live in northern Mar Vista (say Westdale) and you run out of Half and Half, you can walk to the whole foods near Barrington and National.

Latesummer2009 said...
This comment has been removed by a blog administrator.
Latesummer2009 said...

After 30 minutes of searching on Redfin and Zillow, I located 7 recent starter house sales:

1215 Appleton Way, VENICE 90291, 1612 sqft, Lotsize 10,962 sqft
Enormous size lot
YB 1947
SOLD for $600,000 on 7/15/09

616 Las Lomas, PACIFIC PALISADES 90272
2+2, 1285 sqft, Lotsize 3790 sqft
YB 1947
SOLD on 7/30/09 for $675,000
Zillow Estimate $1,400,000

9844 Yoakum Dr. BEVERLY HILLS 90210
3+2, 1335 sqft, Lotsize ???
YB 1927
SOLD on 8/31/09 for $765,000
SOLD on 5/30/07 for $950,000
SOLD on 11/18/04 for $810,000
03' PRICING...

1471 Robmar Dr. BEVERLY HILLS 90210
3+1, 1526 sqft, Lotsize 6500 sqft
YB 1941
SOLD on 9/4/09 for $750,000

2911 Thatcher, MARINA DEL REY 90292
2+1, 876 sqft, Lotsize 4240 sqft
YB 1951
SOLD on 9/3/09 for $508,000

4260 Michael Ave. MAR VISTA, 90066
3+2, 1713 sqft, Lotsize 5460 sqft
SE corner, Abandoned construction
YB 1947
SOLD on 7/31/09 for $501,000
Zillow Sale on 1/06 for $1,000,000

3566 Tilden, PALMS 90034
2+1, 1111 sqft, Lotsize 5406 sqft
YB 1951
SOLD on 8/27/09 for $610,000

Still need starter houses in:


Keep searchin.....

Anonymous said...

Sunset Park is not equivalent to gang neighborhoods. My son's friend lives around 33rd and Pico and the neighborhood is safe and nice. The area referred to as the Pico Neighborhood which is dangerous is between 20th and Lincoln, Pico and the Freeway with some spillover. It is accross from Santa Monica College. Pico and 2oth is the most dangerous intersection in Santa Monica. Even so my kids go through that area on the bus daily on their way to and from SMC and have had no trouble. There is a constant police patrol.

Anonymous said...

There was just a gang drive by in Santa Monica near Piconder

Two men shot - one an innocent bystander

Anonymous said...

I am posting this at 10:54 Saturday morning - just drove past 20th and Pico on my way to the freeway to the beach -

sitting outside Campos was a pregnant girl - looked to be around 12 or 13 - she was there with her boyfriend who had MS13 tats on his neck. Others were walking back and forth between Campos and Eddies. Not a pretty sight.

The yuppies and hipsters from New York get talked in to buying in the Pico neighborhood. But those of us born and raised here know better. I still can't believe they are selling houses for 750 thousand dollars in that neighborhood. It is ok if you have no kids, but can you imagine what your children learn going to school with the proles in that neighborhood?

Anonymous said...

To: Latesummer at 8:46 am Oct. 10
From: Anonymous at 9:38 pm Oct. 8

Please see post above regarding three starter homes in West Hollywood.

Now looking into some starter solds below $1 million in Beverly Hills, all south of Wilshire, but want to confirm numbers via more than one source.

Anonymous said...

I am very interested in houses in Beverly Hills under 1.0 million. That is my range

Anonymous said...

Beverly Hills recent sales under $1 million (if public Internet records are accurate)

462 S. Almont, 2/1, 1,566/4,800sqft, $708,500, sold 8-28-09

147 N. Stanley, 3/2, 1,617/6,500sqft, $850,000, sold 9-1-09

205 S. LaPeer, 3/2, 2,088/5,920 sqft, $890,000, sold 8-31-09

These prices are quite nice.

Anyone out there wanting BH remember seeing any of these 3 for sale? Or perhaps these were done quietly, the way truly real good deals are always done. Anybody want to add anything about these 3 ?

And from prior posts about the lack of stores on Mar Vista Hill and the gangs around 20th/ Pico near Santa Monica's Sunset Park, need we say that the schools, amenities and public safety in BH generally far outrank those in LA/MV and SM/SP?

Anonymous said...

I think it is fair to say that the schools and safety in SM North of Montana rival BH but that BH is superior to the rest of SM.

Montana is the dividing line

Anonymous said...

What all of you are missing...what no one talks about on the Westside...its what it is that is propping up the housing market that.

And that is simply the fact that there is a very limited supply. Prices continue to stay high because sellers don't have a mission to sell right away. Look at the recent sales numbers...very few sales on the Westside. So what this does is to restrict supply. Even if there are relatively few buyers, it won't matter because supply is low and the sellers at this point are waiting things out.

The picture will change if unemployment continues to increase. The reason is that many of the Westside "starter" homes are currently rentals. These places(say 3 bd, 2ba, 1300-1500 sq ft, built post WWII) used to rent for $2600-3000...that was only a few years ago. Now they can be had for $1900-2300 a month. Thats a big difference. If it heads even lower, all of the sudden owners have a motivation to sell.

I'm not sure that will play depends on how the overall economic picture in LA plays out...but if the Depression(yes thats what we are now in) continues, it will drag down prices on the lower and middle end housing on the Westside.

Billy1 said...

I wonder if this could be the beginning of what everyone is waiting for.

I saw this house yesterday. It is the first forclosure I have toured in a decent Westside location. It is located on a quiet cul-de-sac just south of palms in the Mar Vista El school district. The lot is very big for the Westside at 8430 sqft(enough room for a large pool and a good-sized patch of grass). It is a 4+3 with 2743 sqft. It has clear views of downtown from the second floor deck. Unfortunately, it is a bit of a "stucco box monstrosity" (see the back half addition), so my wife and I are going to let it pass. Nevertheless, it may be a sign of a shift in the market. We will see what it sells for.

Billy1 said...

This is a Pacific Palisades starter home with a big location discount.

16751 W. Sunset Blvd. 90272
3+2 1804 sqft, lot 5530 sqft
year built 1947

SOLD 5/28/2009 for $650,000

Anonymous said...

To the high-end-bubble deniers, check out the WSJ article this morning.

In summary:

30% of foreclosures in June involved homes in the top third of local housing values, up from 16% when the foreclosure crisis began three years ago.

The bottom one-third of housing markets, by home value, now account for 35% of foreclosures, down from 55% in 2006.

46% of option ARMs were 30 days past due last month, even though just 12% of such loans have reset to higher monthly payments.

The subprime disaster has passed, but the next correction has just begun. Don't catch a following sword, succumb to housing green shoots idiocy, or be pressured into the "janice researched it" foolishness.

Anonymous said...

wow - a starter home in PP for 650k sure seems to beat the heck out of the same starter home in palms for 700k

what am i missing here

Anonymous said...

The PP home was right on Sunset and on a very small lot. A comparison would be a house in Palms on National or Sepulveda which would probably be priced in the 500's or lower. I think the Sunset house went to auction after being listed FOREVER. This data point is a bit of an outlier even for homes on Sunset, thus this buyer got a pretty good "deal" for a PP address.

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