I do appreciate all comments to the blog (except obvious spammers), including this one from an Anon recently, which was right to the point:
"wow. this blog is pretty dull. spice it up boss."
Well, it is a real estate blog after all, and not even one that follows "celebrity" homes. Lots of numbers and stats, I know, it's just so ... difficult!
Anyway, I only exist for the readers, so I will do my best. In the spirit of "red hot & spicy", I proudly present ...
1140 N. Formosa Ave, #2, #11, #4
NEW CONSTRUC. Designed by Lorcan O'Herlihy Architects. A multi-colored metallic skin wraps the 11-home, 4-story structure, diffusing light & heat while defining views & privacy. Built by a park. Ten 2-story units comprise open living/dining/kitchen areas w study & bath on one floor, while 2 bedrooms, 2 baths occupy another floor. Each w balcony or roof deck. Unique front unit extends 3 levels. $598,500 to $678,500.
Has anyone checked out these units? There are eleven, per the listing. I show these three only on the MLS and #11 and #4 are "looking for backup" after having significantly reduced their prices (#11 from $698k to $588k, #4 from $798k to $598k).
It appears the developer is serious about moving these places with those kind of price cuts after what appears to be only a few months on the market. Neither Zillow not Propertyshark show records yet of prior sales in the building, assuming other units have sold?
So, is this a case of a developer with "shadow inventory", not wanting to flood the market.
In any case, the "appetite" for this red-hot property doesn't seem to meet the taste test.
Fire away ...
4 comments:
It's like driving by the Ports of Long Beach and Los Angeles and gazing up at the cargo containers. We'll have to see how the adjoining pocket park turns out.
i visited these when they weren't fully completed. front unit has great view but lots of steps! they put weird curtains as doors for the bathrooms. nice bright units. buildings around this condo are pretty run down. the sales lady said that the park is for the public but condo owners pay for the maintenance. i don't think she knew what she was talking about.
It's very likely that she did know what she was talking about. I can easily imagine West Hollywood requiring the condo developers to pay for the public park as a quid pro quo for the development permit. That's become a classic technique for cities to fund their infrastructure upgrades. I recall getting a lot of notices of public hearings concerning the park but didn't attend. Maybe someone who did attend will post here and clarify this.
WeHo, if you ever need some data to analyze just give me a shout! We like to help out real estate data junkies.
Matt from Redfin
http://blog.redfin.com/losangeles
matt.goyer@redfin.com
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