999 N. Doheny Dr. #1112$599,000
1BR/1BA, 974 sq ft ($615/ft)
HOA: $740/mo
Description: This is a 2005 roll back price for a short time only. This is the largest one bedroom in the building with a 37 ft,.+ balcony to entertain and enjoy breathtaking panoramic views over Beverly Hills to the Ocean; the Getty Museum and beyond! Lots of closet space. Open area could be den, or formal dining room? New carpet. EZ to show. Rare offering of an upper floor. unit. Last unit of this size sold a short time ago for over $750K. and was gutted!
Sold: 9/89 - $220k
Sold: 10/97 - $182k (8 years, -17%)
Listed: 1/09 - $699k
Reduced: 2/09 - $679k
Reduced: 3/09 - $649k
Reduced: 4/09 - $599k
This is the first time I've seen the term "rollback" used by those in the RE biz - they must be catching on to the blogosphere ...
Obviously, "rollback" in this case must reference pricing of other units sold in 2005, since as we see from this unit's history, the last sale was in 1997, at a price which represented a nominal 17% decrease from its prior sale in 1989. Yes, Virginia, this is what happens when bubbles deflate/pop.
Another classic listing tactic - comparing this unit to one that sold "a short time ago" ... wonder if they mean unit #612, a same-sized unit which sold back in March of last year for $735k (OK, not "over $750k", but nice try). As we know, the world has changed since early last year, which was the very beginning of the RE market decline.
And, a recent sale of unit #303, a 1,010 sq ft 2BR/2BA in the same building (granted, not a high floor) took place last month for $425k, or $420/ft.
Rough monthly cost at this price (pre-tax)? $4100.
2 comments:
Unit #303 that sold for $425K at $421 per sq/ft was a fixer. The back bedroom looked down at the pool, but the living room looked down on a parking lot. The kitchen and bathrooms needed major renovation. This relatively low price for a 2/2 condo in that particular area of WEHO right next to BH was tantalizing but the $700 monthly HOA was demoralizing.
By the way, directly five floors up from this fixer is the former abode of a former California governor. The overly spruced up space, which had become a one bedroom but is listed in public records as 2 bedrooms--what no permit!--has been asking $747K since January.
Along with this "rollback" first, what is one to make of this recent MLS description for 8535 N. West Knoll Dr., #115 in WEHO, a 2/2 asking $499K? I have never come across a "not negotiate" statement like this:
"Drastically reduced; seller needs to sell but will not negotiate below new asking price. Sunny, cheerful, newly painted, partially updated, front facing, very private, sits one floor above the street level, only one common wall, best floor plan. Strong HOA w/big reserves, well maintained bldg, great pool area, side-by-side parking. Prime WH location. Priced to sell, sellers bought another property."
This one should be specially tracked for its outcome.
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