8835 Betty Way (90069)$699,000
2BR / 1BA
806 sq ft
Lot Size: 2,000 sq ft
Equity sale, cute Spanish bungalow. 2 bedroom with one car garage. -Near everthing. Nice cul-de-sac street. Must sell due to illness. Tenant would love to stay, good for investor. New stove was just put in. Single family home, Laundry area in garage. Sold in it present condition.
Sold: 12/99 - $245,000
Sold: 10/03 - $497,000
Your monthly P+I on this place, assuming 20% down and a generous 5% rate, is approx $3000. Add in taxes and take out some deductibility, depending on your personal situation, you're still at least in the upper $2,000 range, if not mid-$3,000. Anyone think this rents currently for close to that? I'm sure there's a reason the "tenant would love to stay"!
[BTW - if anyone knows if the City of WeHo lists Max Allowable Rent by property address, a la Santa Monica, let me know. The city website has limited info, and not specific to any properties.]
People can debate the virtues of cul-de-sac Betty Way, but the reality is you have a condo-substitute "starter home" (am I Ok to use that term for this? I know we've had debate in the past about what's "starter") on a tiny lot with limited, if any, room to expand.
Strictly from an investor perspective (unless I'm missing something about the possibility to build multi-units here), I think this will need to get back near its 2003 price.
8 comments:
Warning: here comes a long stream-of-consciousness comment.
I'm the one who questioned the description of the 1,650 square foot house on Orange Grove as a starter home. I see Betty Way houses as either true starter houses or honest-to-god condo alternatives. They appeal to folks who don't really want or need a real yard but do want the psychological separation of being in a physically separate structure.
Considering West Hollywood's demographics the concept of a "starter property" is different than in other locales. While there are always folks who are interested in climbing into "better" neighborhoods, the most pressing reason for moving out of a small place has usually been the addition of one or two ankle biters to the household. West Hollywood is unlikely to ever be a major child-rearing 'hood so this particular reason to move will not apply nearly as often as usual and when it does the move will be out of West Hollywood.
My guess is that people choose different areas in West Hollywood for their small lifestyle differences. Do you want to be near Cedars Sinai and the La Cienega malls? Or do you want to be near or in Boystown? Or the Sunset Strip? Or, are you Russian and want to be near the Russian shops? Or--my case--do you want the local control and law enforcement advantages of Weho but be in as mellow a neighborhood as you can manage in this dense little city? For folks looking at their location choices like this, I think many of them will be more inclined to stay put once they manage to get into the area they like. Until the life cycle hits anyway, as I've always wondered whether a person beyond a certain age would want to stick around Boystown or the Sunset Strip.
This is one place where the condo and house markets can be expected to diverge. You cannot expand a condo so, yes, as you become more affluent you might move up to another larger condo in the same area--maybe even the same building--which you've already decided that you prefer. With houses, however, you will probably stay put and just enlarge the house.
In all of that blah-blah-blah I forgot to say that the price for this place is truly laughable. Ain't gonna happen.
Good points.
My comment on the post wasn't meant to be finger-pointing; I do think it's interesting that people have different perceptions about properties, and, of course, that's what makes markets work.
And yes, as opposed to the Santa Monica blogs, for example, where most comments are about schools, safety, I would agree that "lifestyle" drives WeHo choices - and I'm talking about for everyone, not just the gay community, singles, etc.
Betty Way is the only street within the city of West Hollywood whose parcels are zoned for one dwelling unit only no taller than 15 feet. The Betty Ways were all built in 1930/31. Greenacre Avenue on WEHO's east end also allows only one dwelling unit per parcel, but a second story can be added, with maximum height 25 feet. The Greenacres were all built just before Pearl Harbor in '41. So, investors would be wiser to purchase on Greenacre if they wanted to expand. It would be great if both these streets received some type of architectural/historic designation because they are basically the last intact streets in WEHO, one representing the 30s Spanish bungalow style and the other the precursor of the "modern" suburban home that proliferated after WWII in the Valley
That's not to say that some Betty Ways have not been expanded. In fact, at least two garages on the street have been transmogrified into rooms, but we won't say anymore about that...However, you've all heard about the lack of parking yet garages throughout the city are turned into unpermitted "bonus rooms," "studios," "guest houses," "mother-in-law quarters," etc. The most costly Betty Ways ascended to $950K and $800K during the boomdiada days.
For WEHO, these Betty Ways are indeed very rudimentary starter homes with, of course, a sliver of precious California dirt (about 1,800 sq.ft lot, with bungalows about 800 sqft except for the redone ones).
You want a condo cage or a Hobbit bungalow with its own ground? I'd go for a Betty Way in a flash, but the cash being requested is way too much. Nowadays, I'd say this property (apparently not renovated) is indeed worth about $500K.
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Thanks for sharing. Like always, on the money and right on object!
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