One WeHo 'hood that gets attention as being among the most desirable is Norma Triangle. For those not familiar, it's the area bounded by Santa Monica to the south, Doheny to the west, San Vicente to the east, and Cynthia to the north.
I thought I'd focus on this area for a few posts, since there always seems to be the "not here" attitude in falling markets, where the "nicer areas" claim to be immune from the pain.
For this post, here's a good example of 1) how cycles work, and 2) another seller who either isn't really motivated, is still a bit delusional, or both.
9061 Keith Ave, #110
2BR, 1.75BA / 1079 sq ft
$575,000 ($533/ft)
Dog, I assume, not included ...
Beautifully redone with many designer finishes. This move-right-in Condo also boasts an unbeatable location off Doheny Dr. Bamboo floors throughout. French Doors off Living Room and Master Bedroom lead to terraces. Sleek Showcase kitchen with Italian Glass Tile, Bosch & Miele Appliances. Bathroom's feature Waterworks fixtures as well as gorgeous pebble tile. Closets built-out by California Closet. The complete package.
Sold: 5/91 - $220,000 (just after peak of last RE boom)
Sold: 10/00 - $239,000 (seller breaks even after 9 years)
Listed: 12/9/08 - $599,000
Reduced: 3/5/09
This looks like a very nice, re-done condo. The pictures on Redfin suggest that it's been completely updated. Assuming that the current owner spent $150k ($200k?) on upgrades, their cost basis would be around $400k. This unit hasn't been on the market to the point where it's getting stale yet, but the economic climate has worsened in the past 3 months, and a $24k cut probably isn't going to get it done.
6 comments:
Hi Weho Homes, I appreciate your effort in jump-starting a new blog for our little area. It's difficult to get one established. Unfortunately I'm not personally interested in condos and therefore can't comment on this one, except that I will say that this particular condo is a usable size. I agree with your assessment of its likely value.
What makes Norma Triangle unique are the little houses and duplexes on the small lots ranging up the hill from Santa Monica toward Sunset. It is not known as an area for condos and if too many condos are built it will lose all of its special status and become indistinguishable from the overcrowded and overbuilt area directly to the east of it.
At least it's interesting to compare this condo with more typical Norma Triangle listings such as the two houses on Harland (9048 and 9052). Those have been listed since December and neither seems to be flying into escrow. There was a time when their mid-700 prices were plausible but that window appears to have closed. What do you think will move them now? A $100K haircut?
Sorry, it's me again. In checking the assessor's website I see that both Harland properties were last assessed on 12/30/93 for well under $200K each. This reminds me that unremodeled Norma Triangle houses were cheap compared to West Hollywood West and even Greenacre/Poinsettia before the bubble for the simple reason that the lots and houses are so tiny. These must be owned by the same party who has a LOT of room to move. Perhaps it's time to apply the 5% (personally, I'd say 4%) annual appreciation factor to the 1993 prices of approximately $177K for 9048 Harland and $189.5K for 9052 Harland.
There was a for sale sign at 9056 Harland but it's gone the last I saw, and it was last being offered at $789K. It, along with 9048 and 9052, were a trifecta presentation early last year for an outrageous $3 million. No offers, so then these individual listings appeared. And, yes, I think the owner better reconsider the current asking prices. These homes back up to commercialized Nemo Street which still has several SFR functioning as businesses (albeit with forlorn for lease signs up now) and previously approved plans for demolition and taller buildings (although the downturn appears to have stymied the tear downs).
Interestingly, 9041 Harland (with pool and detached garage but on a busy corner with Willey Lane) was a SFR REO which finally garnered $715K in February after being on the market for quite a while (it was an IndyMac offering, remember them?) Previous purchase was in 2005 for $899K
Quite a bit of activity on little Harland. Wonder if up a ways on Norma Place, the duplex at 9047 (sold discreetly, privately in a manner that befits the Triangle for just $600K and then a month later offered for $850K as another demolition/development deal) ever sold? The last I saw it was asking $799K. Then it appeared that the unit in the back was being demolished.
Looks like the Triangle is headed down into the sixes, if not the fives.
I went to an open house at this condo. It is literally stunning inside, the pictures don't do it justice. The main drawbacks (to me) were (1) the size of the condo (a little too tight in my opinion) and (2) the building itself. There is (was?) another unit for sale in this building. The difference between the two units was night and day.
Thanks for the comments. See the new post on the Harland Ave properties.
The dog is adorable and I'm sure the apartment is stunning, but it's WAY overpriced for this market. It seems to me that condos in this price range are languishing by the dozens...we had one in our building (larger and very attractive) that sat on the market for five months at $599K, before finally being rented out for $2100/month. I suspect the owner thinks the market will "turn around" soon...poor owner.
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