The difference? One is slightly larger, on a slightly larger lot, and appears to be completely re-done. The question is, for a small family looking for their first house, or to "upgrade" to a nice neighborhood in WeHo, which makes more sense - if either?
THE CHAMPION
9011 Dorrington Ave (90048)
$1,349,000
2BR / 2BA, 1446 sq ft
($933/ft)
5,074 sq ft lot
Artistic design & day-to-day functionality are combined to create this stunning 1930's Spanish style home. Features modern layout, sensational mstr ste. (w/wet room & custom-built closets), loft-style 2nd bedroom & bath, new hrdwd flrs, & sound-system thruout. Add'l living space is achieved w/a pvt., tiled & decked, outdoor living-rm & custom pool/spa area. Dream home is located on 1 of the most desirable blocks in W.Hollywood & provides close access to some of the best dining & shopping in LA
Sold: 12/99 - $437,500
Sold: 8/00 - $499,000
Sold: 6/03 - $835,000 (bubble, anyone?)
From the pictures, it looks evident that the house was completely re-done after the 2003 purchase. At first, I thought it was a scraper and the entire structure had been re-built, but it doesn't appear to be.
A couple things here - assuming not much was done to the place between 2000 and 2003, can we see the bubble in full effect here or what? And the reason for the $500k price increase since 2003? If this was a tear-down in 2003, I could see the seller trying to break even ($835k to buy the previous house, 1500 sq ft at $300/ft = $450k + landscaping etc), but really?
From the additional pictures, it does look like they did a nice job with this. The question is, who steps up with almost $350k down (yes, you'll need 25% down for a jumbo these days) and a monthly nut of around $7500/mo? An approx $300k/year annual income to support - does that feel right for this neighborhood?
THE CHALLENGER
8908 Dorrington Ave (90048)$975,000
2BR / 1BA, 1140 sq ft
($855/ft)
4,000 sq ft lot
Lovely, charming home on prime Dorrington block. Living room with sunny double height window and wood burning fireplace. Beautiful hardwood floors. Dining room plus separate breakfast room. Utility room. Cozy interior sunporch (sq footage not included) off the master, opens to private yard and gardens. Many improvements and the possibilities are endless. No open houses.
No prior sale history found
Here we have what appears to be a livable, small house. The description seems to indicate that while some work has been done, there may be more to do. I couldn't find a prior sale on PropertyShark or Redfin, so we may have a flexible seller (low cost basis) here?
So, as someone looking for a small house in this neighborhood, what's more appealing - a completely re-done property that may be on the uppoer end of pricing for the area, or a smaller home that may be expanded at a lower cost?
4 comments:
They're both tragically overpriced. The second house is smaller than the condo you're featuring in the following post...for twice the $$$
What maketh you of the caveat "no open houses", in the 2nd listing? How in heaven's name do these folks (older?) expect to make $855sf without an open house in this market?
Maybe it's just a wishing price?
A family with that kind of income, it seems to me (i.e., with kids), could find as nice a place in a much better school district elsewhere on the Westside. SM Distress Monitor has listed a couple of homes in this price range recently.
Remember seeing 9011 Dorrington for sale back in 2003--not a fixer, move-in-able, its $835K purchase price reflecting the expanding bubble at the time. It appears to have been much updated and thus the current asking price.
This particular block of Dorrington has seen quite a bit of activity, with a developer having bought both 9005 and 9015 that bracket 9011 for respectively $525K (05-01) and $475K (01-01). These were both total fixers, and I remember a FSBO sign on 9005 which neighborhood lore said had been inhabitated by a reclusive cat lady.
The totally rehabbed 9005 went for $1,900K in 11-07 and 9015 for $1,800K in 01-08. So, this neighborhood, known as West Hollywood West with a very active neighborhood association, attracts people of means, and will continue to do so.
But whether 9015 in this current market goes for $1,349K is doubtful. Also, reflecting WEHO's penchant for close-to-the vest transactions, fixer 9035 quietly sold in 05-08 at a wildly overpriced $1,100K.
9019 Dorrington was featured in a great LA Times feature article back in 04-05. Do a google and check it out--it chronicles the home's history since it was built in the 20s in what was then called the town of Sherman.
Re: the other Dorrington at 8908, it does seem overpriced too. 8902 went for $951,000 in 03/09.
That 8908 Dorrington won't have open houses and that the condo at 8535 West Knoll won't enter into negotiations for a lower than asking price is quite something in this still declining market.
The 9019 Dorrington Article in the LA Times was definitely worth reading -- thanks for the reference. I couldn't help but be saddened by the implication in the piece that, until a few years ago, this was middle-class housing. Even at $850K, it no longer fits that description.
But here's a question. If the neighborhood does indeed now attract "people of means", how come the "entertainment executive" (I'm quoting the Times) who bought it 4 years ago for $1.2 million, describing the house as his "dream house" would sell now, into possibly the worst sales environment in a generation, for a hundred grand more than he paid in the peak bubble year of 2005?
Makes you wonder.
The original subject of the post, the "champion" at 9011 Dorrington, is the home that's actually for sale now at $1,349K.
The Times article was about 9019 Dorrington. I don't think that the "entertainment executive" has it on the market now--unless it's just appeared or is a pocket listing.
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