Friday Night Fights - Vol. 2 (High-end Condo edition)

Continuing our new Friday tradition of posting two WeHo properties that are very similar and "duking it out" for buyer attention in the marketplace, we present the following match up:

THE CHAMPION
616 Huntley Dr. #3 (90069)
$1,849,000
3BR/4BA
2,549 sq ft ($725/ft)
On Market: 43 days

Hip location ! Spectacular & unique European-style penthouse in exlusive 3-unit Bldg. Private elevator access to entry foyer. Great room w/ 2-sty ceiling.. Kitch w/ top of the line appliances. Dinning rm with extensive hillside vus. Balconies on both levels w/ awnings Master w/ walk-in closet/sitt area/FP/ marble bath. Upper level area has access to a massive resort -style roof top deck w/ full kitchen, BBQ area & panaromic vus. Dramatic and exelarating!! Walking distance to shops & restaurant

Sold: 7/04 - $1,165,000

There are prior sale records (1989 and 1996), but given the price levels and the newish construction look, I'm assuming those were for whatever structure was on the property before being demo'ed. The listing doesn't indicate that this unit has been updated since the prior purchase, so does this seller really think he/she is going to be $700k above 2004 pricing when we've already seen early 2005/late 2004 rollbacks in many areas? Am I missing something here?

THE CHALLENGER
8703 W. Knoll Dr. #401
$1,695,000
3BR/3BA
2,943 sq ft. ($576/ft)
New Construction

One of a kind. Panoramic city view is offered in this new architectural 3 bedroom + Den townhome with direct key controlled access from elevator. The light & bright living/dining/kitchen area opens to private view sundeck. Unit features pewter stained brushed oak floors, Meile kitchen appliances & stone kitchen. Master suite has oversized custom walk-in closet, stone shower, duravit bathing tub and double sinks. State of the art finishes! Open Sat & Sun 2-5pm. March 28/29. Tuesday 24th 11-2pm.

There has been some recent discussion over at SMDM regarding the benefits/drawbacks of buying a house vs. a townhome/condo. Your friendly blogger tends to be more of a condo/townhome person, given lifestyle, no kids/worry about school district, etc.

Having said that, the "house" people are generally right in that all you're getting with a condo/townhouse is technically four walls and air (ok, generalizing a bit).

These two properties clearly have the size of a stand-alone house, and appear to be finished very nicely. The question is, at these price points, to whom, exactly, are they appealing? The just-divorced studio exec looking for a new bachelor pad? The DINKs lawyer crowd who want to stay within walking distance of Urth and Le Pain Quotidien?

Remember our two themes: 1) who "should" be able to afford properties, and 2) what's the comparable rent?

At these prices, you're talking at least $350-400k down and then being left with a monthly nut of approx $10-12k, depending on assumptions for HOA, rates etc. That translates into an approx $500k annual income to support.

Would these rent for anywhere near $10-12k/mo? I know someone who recently rented a Hollywood Hills house, at least as big as these, with yard, pool, roofdeck, etc for somewhere in the $6-7k range. So does being "walking distance to shops and restaurants" get you another $3-5k/mo?

Side Note: If any readers have suggestions for types of properties they'd like to see on the "Friday Night Fights" (price range, SFR vs. condo, specific location), please comment.