551 Huntley Drive (90048)
$1,750,000
3BR / 2BA
2,370 sq ft ($738/ft)
No Picture
Fabulous Architectural home with "Nude" pool in prime WEHO. Completely remodeled to create an open, spacious, "Resort-like" setting. High ceiling in the Great room that opens thru French doors to deck & pool. A formal dining room is served from the large kitchen with granite counters & stainless appliances.The huge master suite opens thru a wall of French doors to the very private pool. Two additional well separated bedrooms. Oak hardwood & granite floors. Security sys. Wired for sound. Elegant.
Sold: 8/01 - $508,000
Sold: 4/03: $1,179,000
So what exactly is going on here? In "prime WeHo"? OK, I'd agree with that. But wait, we have a more than doubling in price in less than two years between the last sales. So I'm going out on a limb and guessing that the 2001 price was for a scraper/land value. Which begs the question, was the sale in 2003 already "completely remodeled", and if so, what level of delusion do you have to expect a roughly 50% appreciation from 2003? And if the remodel was after 2003, what happened between the prior sales.
Of course, our favorite couple, "granite and stainless steel" live here, making this smell even more like some kind of a flip situation.
Also ... first one to educate me on what a "nude pool" is wins the WeHo Homes home game and other lovely parting gifts. It's just one of those terms that doesn't motivate me to even Google it.
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7 comments:
Regarding the April 5, 2009 post:
Just to let everyone know, the property at 554 Westbourne Drive closed Escrow yesterday May 20, 2009 for .......drumroll........$1,015,000....$20,000 over the asking price of $995,000.
They had 4 offers on the house in the 1st 72 hours. It was a 45 Escrow.
www.554westbourne.com
A 45 day Escrow
The latest dataquick figures are out:
http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
Predictably, WeHo's sales seem to be following the same trend as most of the West Side, with the most sales in the areas with greatest price declines. The house on Westbourne mentioned in Anon's post, if it was over 1000 sf, was priced considerably less, on a per sf basis, than the average of sfrs that sold in 90069 last month -- all 9 of them.
As for that nude pool...I'll take a guess and say that maybe its suitable for making pornos?
"They had 4 offers on the house in the 1st 72 hours. "
What's your point David?
From Jan. through April, about 120 different SFRs appeared in the MLS' "West Hollywood Vicinity" category. For instance, noticed the tiny lot Willoughby/Warings coming on and off the market.
If my tracking is accurate, a grand total of 8 of these 120+ actually sold during that same period. The inventory seems very high; those delisting also seems high. The sale price of 554 Westbourne portends IMHO further major price cuts.
Here are the "WEHO Vicinity" SFR sales for Jan.- Apri 2009 as far as I know:
9041 Harland-- REO sold
334 Huntley
421 Westmount--REO sold, on market again without the front yard trees -- so much for the greening of WEHO
8902 Dorrington
8611 Rosewood
8847 Rosewood
1221 N. Poinsettia Place
744 N. Crescent Heights--REO sold
Three out of 8 WEHO Vicinity solds were REOs - that's getting close to the overall 50+% REO rate for all California sales.
.
The numbers are even more dire for condos. According to the MLS listings (which are light, since some newer developments have one listings for multiple apartments), there are at least 252 condos currently on the market. Last month, 18 sold -- a pretty staggering 14 month supply.
But here's what I found even more interesting. The average median price per square foot across all 3 zips was just $450. Of those 252 apartments on the market, only about 30 are priced below $450K. Perhaps 50 are priced below $600K. Which would seem to indicate that the vast majority of condos on the market now are priced way, way above what people are now willing (or able) pay for them.
Something that's been noted many times on this blog, of course, but seeing the numbers to prove it is kind of fun, too.
The average median price per square foot across all 3 zips was just $450. Of those 252 apartments on the market, only about 30 are priced below $450K.And, what's even more interesting is, based on some research I did at the end of last year, if you're a believer in the "bubble started in 2000"/"Case-Schiller doesn't lie" school, you could argue that the right pricing level for 2009 should be in the $350-375/ft range ... making me still a "down 20%" from here guy ... although I do think we'll partially get there by properties just not selling and being priced at the same nominal level in 5 or so years.
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