Languishing in Westwood

house-for-sale-3.jpgWe know that homes are taking a long time to sell these days. But some homes ARE selling.  Which ones?  Agents tell us time and again that in a buyers’ market, your home must be in prime condition (so it stands out from the crowd) and priced aggressively (so a buyer knows it’s a good deal).

A few homes in Westwood have been on the market for many months.  Others probably have been on for just as long, but agents are known to take homes off the market and relist them days later.  That’s called “refreshing” the listing, and it’s done to avoid the appearance that the house has been sitting around unsold for too long.

Why haven’t the listings on these homes been refreshed?  It could be that the (deluded) owners are willing to let them sit there indefinitely until that one buyer comes along. Their agents have probably thrown up their hands and moved on (while, of course, still holding on to the listing).

Examples:

10362 Louisiana Avenue has been cooling its heels on the MLS longer than any other listing in the 90025 ZIP — 303 days.  It’s a three-bedroom, two-bath house priced at a plump $1,450,000.  It looks like a lovely property (pink and green bathtubs excepted), but $1.4 mil is a tad high for Westwood these days.  In fact, very little in the $1 million-plus range is selling in Westwood other than multi-unit buildings.

The lisiting description for 1726 Stoner Ave., #109, on the market 292 days, says the owners have taken a “huge reduction” because they have “bought another.” Oh-oh.  This three-bedroom, 2.5-bath condo’s reduced price is $1,049,000 — down nearly $200K from its original asking.  However, down the block at 1615 Stoner is another 3+2.5 condo for $734,000 (on the market 220 days), and also nearby is a 3+3 at 11879 Nebraska Ave. sold in November for $770,000.

The owner of 1809 Overland Ave., #3, a four-level townhome, bought the place in 2005 for $849,000.  It has been on the market since June, first at $899,000 and now $860,000.  Its market value has certainly dropped in the 261 days since its listing, but its owner apparently is not ready to face the music.

1522 Saltair Ave., #205 is a brand-new 2+2 that has been reduced $46,000 to $599,000. The developers also are offering a full year of HOA.  This doesn’t seem like a bad price for the area, particularly for new construction.  Square footage isn’t listed, but judging from the pictures (including the faux dresser in the master bed that looks about 4 inches deep), I’m guessing it’s small.

More price reductions would be — refreshing.

  • LukkhaCoder

    Very nice post. More posts like these for the Westwood/West LA areas will be appreciated.

  • http://www.scott-mcintosh.com Scott McIntosh

    Well your post is very incorrect stating the facts that nothing in Westwood is selling over a million dollars. There are 24 things in escrow right now. 14 homes have sold since 1/1/08. I had a listing that sold 2 weeks ago in the first open house. The listing down the street from mine came on last week and had mulitiple offers and is now in escrow. A house a few blocks away on Kerwood just came on the market had multiple offer before the first open house and is now in escrow. A house on Glendon 2 weeks ago came on the market and had 5 offers on it and went over asking. A house on Prosser 2 weeks came on the market and had multiple offer and went over asking. Westwood, Cheviot and the surrounding area has been very busy since mid to end of January. And to speak about Louisiana specifically, the house has had accepted offers but apparently there are some issues with the house that came up in reports that may be the cause of the house not selling. The average days on market in Westwood for the homes that have sold since 1/1/08 is 20 days on market. The average days on market for the pending homes is just over 30 days. If you have any specific questions about Westwood or the surrounding area, feel free to email me at scott.mcintosh@camoves.com.

    thanks

  • http://www.scott-mcintosh.com Scott McIntosh

    I just want to clarify that the numbers above that I am speaking about is just pertaining to single family homes. But condos have also picked up in Westwood. There are approximately 40 condos that have sold since 1/1/08 and there are another 40+ condos currently in escrow.

  • http://losangeles.redfin.com/blog/author/cindy.allen Cindy Allen

    Hi, Scott: I just re-checked my Redfin records, and my records indicate that very little over $1 million is selling. There are a number of properties that show they have sold in the last three months, but there is no sales price listed. Maybe those are the ones you’re talking about.