8917 Dorrington Ave (90048)$1,295,000
2BR / 2BA
1,455 sq ft
Lot Size: 4,000 sq ft
Totally renovated, enchanting Traditional home. Enter long, gated drive to a spacious, bautifully landscaped yard w/tranquil fountain, lovely patio, and room for a pool. Step inside to long gallery entrance w/hardwood flrs, an enormous living toom w/vaulted ceilings and stunning views, and a Chef's kitchen w/great light. 2 bedrooms with 1 3/4 baths that have been immaculately redone. Sophisticated den w/huge walk-in closet. This is a truly magical property. A real gem!
Sold: 8/28/08 - $1,400,000
Sold: 4/20/05 - $1,235,000
Sold: 3/96 - $254,000
Sold: 5/93 - $225,000
Sold: 6/88 - $285,000
A few things here:
1) I'll call this the "competition" canary since it's a relatively similar property to the Cynthia St we just featured. Yes, plenty of arguments either way - this is not Norma Triangle/the vaunted "69" although might be quieter overall, one less BR here, etc. But we do have a couple sales over the past few years, and it's a close enough "comparable" that buyers would probably look at both.
2) Sorry, long time readers know one of my pet peeves (and ok, maybe a little mean-spirited) is listing descriptions with misspellings, etc. I mean, it's a $1.3mm (at least list price) property for Allah's sake, show a little attention to detail. I know that $1mm shacks were commonplace a couple years ago, but we're in or getting to an environment where places like this will be attracting discriminating buyers, not those who thought they could afford a no money down $1mm mortgage with $100k income. (OK - the "realize I'm in La-La-Land moment" - thinking twice about my "discriminating" comment ...) And really, can driveways and hallways be "long" in a 4000 ft lot/1400 ft property?
3) As 'Full Disclosure' commented on the prior post, it would be nice if the dates of renovation were disclosed on properties, but I doubt we'll ever get there. I assume you could pull permits, depending on the extent of the work/if it was done legally as part of your due diligence.
Let's assume this place was renovated within the past 4 years, in which case we're talking a pre-2005 rollback. If the work was done after the 2008 purchase, well, kudos to the sellers for at least starting to recognize the current market and pricing around the 2005 levels.
4) Property records (I refuse to disclose anything "personal" on the blog, so do your own homework if you like) seem to indicate that the owner/seller is an investor who owns a few other buildings in the area, all which were purchased in the past few years, so perhaps there's some pressure to move on this one.
5) I show the 1989 - 1996 time frame sales, not to argue that prices are going back to that level (perma-bears feel free to chime in ...), but to illustrate, once again, that the unwinding after run-ups, like the one in the late 80s/early 90s, can be long and result in nominally the same pricing level, which of course means lower on a real basis assuming any inflation.
2 comments:
Not so much an "investor" as a cover trustee for celebrity owners. You see, things are done quietly in WEHO. This is yet another example of an overpriced property but it's in the West Hollywood West neighborhood that has the city's strongest residents association and which is not overshadowed by big condo buildings like those in the Norma Triangle. Predict this Dorrington goes for more than the Cynthia, but neither gets what it wants now.
True, although technically she ... I mean, the person ... could be an "investor" :)
Like I said, don't want to disclose too much here, although with the power of the internet, it's not too far away ...
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