Transcript
Adner Realty Group Inc. Newsletter
August 2009
From the Front Desk Is it too early too call a bottom for the Southern California home market? Maybe not. The trend towards higher median sale price and increased sales volume that began a couple of months ago is continuing. There can be no recovery until the "floor" of the market has been established -- and it looks like we're there (or at least getting close). Jamie Los Angeles Times: "Southern California home sales and prices rise in July" From the LA Times: "Southern Californians are shopping for homes again, optimistic that values have been beaten down about as low as they will go and triggering the highest sales levels in more than two years." More ... "Home prices in Los Angeles and across the nation are showing signs of life...prices in the Los Angeles area are on the rise for the first time since the local market peaked in September 2006." More...
Sunset Strip - Hollywood Hills West Market Round-Up 22 single family homes sold in the Sunset Strip - Hollywood Hills West neighborhood in July 2009, with a median price of $1,267,500. Some high-end sales show how much the top end of the market has roared back from darkest days of the financial crisis. 9161 Oriole Way, a fully rehabbed house built in 2001, sold for $12,800,000 below its $15,450,000 asking price, in a brisk 19 days. Located in the exclusive Bird Streets, this house has 6 br, 9 ba and 9,696 sq ft of living area on a 32,234 lot. More...
West Hollywood Market Round-Up Six single family homes sold in the West Hollywood area in July 2009 with a median sale price of $865,000. 8908 Dorrington Avenue, a 2 br, 1 ba, 1,140 sq ft home on a 3,999 sq ft lot sold for $860,000 after 53 days on the market. The original list price was $975,000. To illustrate how values have fallen in the past year, we can turn to the sale of 8920 Dorrington Avenue, which sold for $1,140,000 in July 2007, suggesting that values in the $1 million range have dropped approximately 25% in the past two years. More... Silver Lake - Echo Park Market Round-Up Sixteen houses sold in the Silver Lake - Echo Park neighborhood during July 2009 with a median sale price of $754,000. Three of these sales were foreclosures -- all of which sold for $454,000 or less. Excluding the bankowned properties, the median sale price for July was $810,000. Two sales were for over $1 million. More ...
New Construction Buzz: 901 Hancock Lofts, West Hollywood Hancock Lofts at 901 Hancock Avenue in West Hollywood is a snazzy 31unit new building at an unbeatable central West Hollywood location. The award-winning architects Koning Eizenberg (also responsible for the Standard Hotel Downtown) designed a cool, open, loft-like building. Condominiums range in size from 1,000 to 1,800 sq ft and feel top-of-the-line from the robust floor-to-ceiling windows, the Miele and Jenn-Air appliances to the European walnut cabinetry. More ... New Construction Buzz: Sale Units in West Hollywood and Downtown In West Hollywood, the modern Luminaire at 928 Croft Avenue cut its prices an average of 21% ... Downtown, Concerto at 9th and Figueroa sold all 77 Loft units at auction August 29, the same day the Rowan Lofts sold 15 units at auction. 4-Star and green EVO South continues to offer promotional units on many floorplans through September ... There are no discounted units at the Ritz-Carlton at LA Live, but if you want one of these high-end residences, you'd better act fast -- the building is 65 - 70% sold.
Development Watch: West Hollywood Trendsetting private club SoHo House, with outposts in London and New York, now gains a toe-hold in West Hollywood. The Luckman Plaza Building at 9200 Sunset Boulevard at the border of West Hollywood and Beverly Hills will be the new home to SoHo House in Los Angeles. The West Hollywood Planning Commission approved the club, which will operate on the penthouse of this newly rehabbed building and will also include a rooftop pool...At Movietown Plaza, 7300 - 7238 Santa Monica Boulevard (current home of Trader Joe's and eighteen small businesses) a 9- and 10-story condo building (294 units) will arise, along with 32,300 sq ft of commercial space and a 76-unit affordable housing building for seniors with retail on the ground floor...In West Hollywood's Sunset Strip neighborhood, the Sunset Time project will redevelop four contiguous parcels at the House of Blues site at 8430 Sunset Boulevard into three hotels (with 149 rooms), 40 residential condos, five affordable housing units, and 35,400 sq ft of commercial space with 246 parking.
Interested in finding out more about Los Angeles real estate? We'd like to hear from you. Please contact us with any questions you might have. Sincerely, Jamie Adner Adner Realty Group Keller Williams Realty Hollywood Hills 8560 West Sunset Blvd, 3rd Floor West Hollywood, CA 90069 tel (323) 819-2240 email
[email protected] DRE License #01716093
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