Significant lot size and property differences - but does the coveted "WeHo West" trump these attributes for some people? Where would you live (if either)?
A WeHo West Sliver aka "The Condo Substitute"
8875 Cynthia St (90069)
[no picture yet]
$720,000
2BR / 2ba, 912 sq ft
Lot Size: 2100 sq ft
Description: Updated Craftsman Oasis. Complete restoration with detailed upgrades. Featuring Italian Granite, Travertine baths & Asian Maple floors with all stainless steel appliances (fully equipped).
Sold: 12/03 - $450,000
Sold: 3/07 - $840,000
Here we have a somewhat realistic seller. "Realistic", meaning that unlike others who are delusional, they at least recognize that the market has significantly changed in the past 2 years. Those cynics among us would argue that we were already well into the bubble by the end of 2003, so this property would need to get back to that pricing level. I'll give the benefit of the doubt that the upgrades were done between then and the 2007 sale. Should we be talking high $500k range for this condo substitute with a tiny lot?
The Eastern Bungalow aka "Get Yer Vitamin C"
1418 N. Orange Grove Ave (90046)$995,000
3BR / 1 BA, 1,653 sq ft
Lot Size: 6700 sq ft
Description: The best street in the neighborhood. Such a great location; walk to great shopping, entertainment and wonderful restaurants. For the first time on the market, this wonderful California bungalow is filled with charm and character. Lots of curb appeal. Classic bungalow floor plan with tremendous potential to be anything you want it to be for today's lifestyle. An abundance of wood casement windows for a soft Natural light. Fabulous backyard with Orange trees. (The Oranges are delicious).
A prior commenter took some offense (maybe rightly so) with my suggestion on the recent "Room to Move" post that some people would prefer nicer condos vs. dinky SFRs, depending on lifestyle. The property on Orange Street, from the pictures, doesn't look to be very upgraded, but of course you have a large lot to "do what you will". It's a decent size, at least for a small family, and assuming you could easily put in another bathroom, probably works "as is" for the time being. Of course, if it's cosmetically OK but actually a teardown to make it workable, you're still talking lot value of $1mm which seems high.
Anyone seen these places?
6 comments:
OK, a quick riff on geography. The actual City of West Hollywood is just 1.9 square miles, but it's the most densely populated incorporated city west of NYC, mostly composed of apartment dwellers.
Single family homes are at a premium in WEHO where residents also get a level of social services and amenities that extend beyond those offered by adjoining areas of Los Angeles.
The Orange Grove property is within the city of Los Angeles in a Historical Preservation Overlay Zone (HPOZ) known as "Spaulding Square." Haven't been in this particular home, but the neighborhood is pleasantly tree-lined with many craftsman-style homes. The asking price, though high IMO, is close to what comparables have been there recently.
The Cynthia home, revamped after its 12/03 sale, sits in the city of West Hollywood at the corner with San Vicente across from a fire station. Not a location, not a location, not a location that many would want.
The home was slated for tear down and condo development -- this move, if memory serves right, was approved by the city after a failed attempt to designate this a historic structure. It sits in a block of about 9 similar cottages remaining from the days when the area was called Sherman and was populated by railroad workers. With the condo market the way it is now, one can understand why the place is for sale. Another speculative venture gone horribly wrong.
IMO both homes are overpriced for these times, especially the Cynthia property.
Regarding geography again -- just like Santa Monica Distress Monitor has branched out to occasionally focus on Pacific Palisades and Palms/Mar Vista, Homes in WEHO has addressed adjoining areas in Los Angeles too, and that's good.
But, when doing comparisons of east side/west side homes in WEHO, perhaps the comparisons should be made of homes within the city's boundaries.
Here's a link to a one-page list of addresses within WEHO's boundaries:
http://www.weho.org/download/index.cfm/fuseaction/download/cid/155/
Right. I will piggyback upon Full Disclosure's excellent comment. I would not call a 1,600 square foot house in this region a starter home, regardless of the bathroom count. I also would not characterize the Spaulding Square neighborhood as one with starter homes in it. It's a well-defined, well-established characterful neighborhood that sells at a premium. Not a starter zone at all.
I'd suggest bringing back 1139 Poinsettia Drive as an example of an eastside starter. It's a two bedroom, one bath house with decent but modest square footage. It's not selling either, presumably because the seller is still trying to make a small killing since his or her 2006 purchase.
Bearing in mind Full Disclosure's absolutely-right observation about the scarcity of single family homes in Weho, it might be a good idea to include duplexes in the analysis. I suspect that many duplex owners in and around Weho bought them as an alternative to a SFR or a good condo. In other words, I'd guess that a significant proportion of them have owner-occupiers.
Fair enough, and good comments on the geography. I have been a bit liberal in my "WeHo" definitions, but much like a Santa Monica or other city-with-a-city, of course many people are focused on the WeHo designation (and one of the reasons for this blog to exist).
And, good catch on the Cynthia home ... I actually misread the address or wasn't paying attention - I drive by it almost every day, so should have realized this was the block across from the fire station on San Vicente. Duh.
Anon- good thought on the duplexes ... I have looked at a few in the past but haven't included, but could be an interesting analysis.
Thanks again for the thoughts.
I'd choose neither. 1mm for a house with one bathroom? Sure, you could add on and be further in the hole, but I've gotta believe people who want to spend 1mm on a home expect more. And over 700k for a postage stamp lot with a shack dropped on it? I know WeHo will always be a premium area, but these houses scream "look out for falling prices".
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