Sunday, April 12, 2009

"Recognizing Reality" Awards

Despite our themes on this blog suggesting that WeHo property values still have a ways to fall to reach "market clearing" prices, which will only happen when sellers embrace, or are forced to embrace, the reality of today's market, we don't mean to come across as completely negative.

This post was meant to feature some properties who seem to "get it" in terms of quickly cutting list prices during the initial listing period in recognition of the demand, or lack thereof, at higher prices.

But, guess what? As expected, there were VERY FEW properties that met the criteria. The banks holding REO properties are among the worst offenders, with either stale listings, or the slow downward death march of reducing prices ever so slightly while still being behind the curve.

However, here are three properties that deserve some kudos for relatively quick price "adjustments", as they say in the biz these days, and starting to get in touch with reality (although we think these are still overpriced).

They'll all receive some lovely parting gifts and the Homes in WeHo home game ...


8933 Ashcroft Ave (90048)
$1,395,000
3BR / 3.5BA
2,539 sq ft ($549/ft)

PRICE REDUCED AGAIN to SELL THIS WEEK! Hurry make appointment today! House with legal guest house (duplex) and pool!

Listed: 1/31/09 - $1,595,000

Reduced: 3/22/09 - $1,489,000

Reduced: 4/3/09 - $1,395,000 (-12.5% after 62 DOM)



1424 N. Crescent Hts. #40 (90046)
$795,000
2BR / 2BA
1,553 sq ft ($512/ft)

Opportunity to live in the Historic Granville Towers. 24 hr guarded, 1930's architecturally significant (by Leland Bryant), landmarked building just a few feet to spas, gyms, theater, restaurants, grocery stores and lots of nightlife! Wonderful views abound from this corner unit, light and bright and recently updated. Nine foot ceilings, hardwood floors and very open floorplan. Fantastic gardens with period fountains, fruit trees, roses, wisteria and sun decks.

Listed: 1/24/09 - $995,000

Reduced: 4/9/09 - $795,000 (-20% after 75 DOM)



964 Larrabee St. #201 (90069)
$299,000
1BR / 1BA
584 sq ft ($512/ft)

Charming gated front upper corner unit in prime location of West Hollywood. Recently updated kitchen with granite counter tops, stainless steel appliances, new cabinets and new floors. Recently renovated bathroom with spa tub and new tile floors with recently installed double paned glass. Complex features gated entry and parking, pool, spa and clubhouse. Nearby restaurants, hotels and West Hollywood nightlife. Tenant occupied until August 2009.

Listed: 1/27/09 - $349,000

Reduced: 3/5/09 - $329,000

Reduced: 3/25/09 - $319,000

Reduced: 3/31/09 - $299,000 (-14% after 63 DOM)


2 comments:

Full Disclosure said...

8933 Ashcroft actually came on the market last year in July asking $1,649K before going off the MLS in late November. Imagine if back last summer it had asked for what it wants now. Perhaps it would have sold, then perhaps not. But, at this time, it still seems way overpriced at $1,395K. And is that a 3-car garage along the front bottom; if so, it detracts from the home.

Bubblewatcher said...

Not sure if you caught this, but definitely the opposite of what you're celebrating with this thread. Pricing has been announced at the aforementioned Hancock Lofts:

http://tinyurl.com/ca6eyq

The first thing that came to mind were the words of a banner held up at a football game while I was an undergrad at Cal:

"HI MOM!! I'M ON DRUGS"

Ahh, to be young in the seventies. Anyway, the commenters on LACurbed apparently agree with me. $800K and up??? For such a nice, quiet, sudsy-smelling location? Hmmmm...