I remember visiting a few SFR open houses a year or so ago on Crescent Heights, probably just after the market had peaked, and there were still relatively few data points of weakness. One open house in particular, the listing agent was going on and on about how $1.5mm was "very reasonable" for a 1500 sq ft house on Crescent Height. I know, I know, so what did I expect him to say?
In any case, one data point does not tell a story, but back to our not-rocket-science hypothesis of the downturn slowly rolling from lower-end 'hoods to nicer locales, I would put SFRs on this stretch of Crescent Heights in the "decent area but horrible street" category. In other words, not the first to fall, and not the last, but this is one of the first signs I've seen of cracking here.
The listing would suggest that this might be or an expected flip, or just a "project home" for someone who's hit rougher times. In any case, at a minimum, this will be an interesting "lot value" data point for this part of town
1015 N. Crescent Heights (90046)$895,000 (SHORT SALE)
3BR / 1BA
1,558 sq ft
3BD/1BA Spanish charmer in need of TLC. Lot is zoned R3 with potential to build condos. Buyer to check with city of West Hollywood. Short Sale Subject to Lender Approval. Shown by appt only. Do Not Disturb Occupants
Last Sale: 2/9/07 - $1,070,000
6 comments:
Where to begin, but to say that following upon the Harland Street Trifecta (now a doubleheader) is the new Trifecta of 1015, current listing 1011, and 1005 N. Crescent Heights. All sold in development-crazed WEHO during the boomdiada days about 2 years ago.
Appears that 1011 (last sale $1,065K in 1/07) and 1015 (last sale $1.070K in 2/07) were a package development deal now gone horribly sour. Zoning would have allowed 10 or 11 units total on both parcels after demolition of the SFRs. 1005 CH went for $1,000K in 3/08 to another purchaser.
Although not a direct comp for 1011 CH because it's down the street in L.A. and is zoned only for SFRs, 744 N. Crescent Heights is a similar-style home which sold as a REO for $700K in 4/09 (previous sale $950K in 5/06).
So, given future development ops (when though -- in 2015 and beyond?), venture to say that 1011 will have a difficult time getting that And will 1015 CH soon slink into the market too?f
CORRECTION to above posting: reversed house numbers before doing an edit, so the listing currently for sale is indeed 1015 CH as in the original post and next door 1011 CH could be a future listing.
Wow, you gotta stay on top of things every minute! Looks like 1011 Crescent Heights already went back to the bank for $944,126 on 07/20/09. So, it could be joining 1015 Crescent Heights which is yearning for that short sale right now. Or will 1011 Crescent Heights just become another scene in the continuing drama that's the "The Legion of Shadow Inventory."
Those dark, dark shadows are not something that many want to confront.
You mean $1K a sf is too much to pay for a home where you can't back out of your driveway without risking your life? Hoocoodanode!
Re: post on 8/8 at 2:03 pm, 1011 Crescent Heights has come out of the shadows much more quickly than anticipated. Taken back by the bank for $944,126 on 7/20, it's just been listed at $895K (good luck!) with a (watch out!) "hostile tenant."
$895,000 2 Beds 1.00 Baths
MLS Number
09-394831
1011 N Crescent Heights,West Hollywood, CA 90046:
3BD/2BA home in West Hollywood. Subject to short sale acceptance by EMC. Hostile tenant. Offers subject to interior inspection. Complete file submitted on 8/23/09.
Let me take a moment to shed some light on the "dark shadows" being discussed on Crescent Heights. I sold 1005,1011, and 1015 to a group of investors who are now looking for an exit in lieu of the mortgage meltdown. They got past schematics and city hearings, but failed to take the next step to entitle the three lots for 21 Units, 3 of which were to be "affordable" units. The architect is Lorcan O'Herlihy.
You can visit my blog to see the renderings. Both 1011 and 1015 are in the process of being sold short. The issue with 1011 reverting to the bank was a funny one at best. They were $2.50 short on a payment before an upcoming auction date, which allowed the bank to repossess the property. The bank has rescinded the foreclosure because their attorney filed suit.
Both properties have accepted offers at $750,000 subject to bank approval and we are looking for back up offers.
take a look at www.developweho.com for more developments in the area.
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