I've been seeing a lot of "rare" being used in listing descriptions recently, and have to wonder, as we see with the example below, isn't "rare" or "rarely on market" just code for "the recent buyer is now in over his/her head"? As we've discussed, this will be a long cycle, so the idea of "rare" properties will probably be a commodity.
9024 Cynthia Street #304
$1,449,000
2BR / 2.5BA
2,331 sq ft
LUXURY LIVING IN THE HEART OF WEHO. 1992 BUILT TO LOOK LIKE "OLD HOLLYWOOD" BY ARCHITECT ROBERT EARL, "VILLA CYNTHIA" IS ONE OF THE MOST DESIRABLE BLDGS IN WEHO. HIGH CLNGS, ENORMOUS CLOSETS, & RMS & ROOF DECK ARE SOME AMENITIES IN THIS BEAUTIFUL, ONE OF A KIND PROPERTY. THIS PH IS THE MOST PVT & BRIGHTEST IN BLDG. 2 BDS & DEN OFF KITCH. HUGE ROOF DECK OVERLOOKING TREES & HOLLYWOOD HILLS. 2300+ SQFT W/2 SXS PRKG, EXTRA STORAGE & SEC. A RARE OFFERING, THESE PHS RARELY GO ON THE MARKET.
These look like really nice units - anyone seen them? Of course, "rarely go on the market" is on overstatement, seeing how, from the sales history, this unit's been turned over 4 times in 12 years. But, I'll give them a pass since there was a 7 year gap (and the requisite 2.5x increase in "value") since the prior sale. But, with that near-peak 2006 last sale, there's probably a reason this one's on the market. Will be shocked if this sells above the 2006 pricing.
Sold: 4/99 - $580,000
Sold: 4/06 - $1,300,000
1 comment:
A major economic driver for West Hollywood and its environs is the entertainment industry. If the recent LA Times article on the subject is to be believed, the local entertainment industry is under serious pressure from distant (cheaper) competition. Totally aside from the inevitable deflation of the housing bubble there simply will not be the economic support for 1.5 million dollar apartments, nice size or not.
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