Several West Hollywood properties showed up on my Redfin daily update as “updated” listings, which means either a price reduction or a change in status. There were a couple of properties that went “contingent,” which means there’s an offer on the property, but mostly the updates were on price. Examples:
1131 Alta Loma Rd., #416
Was: $669,000 Now: $665,000
Days on Market: 209
Notes: Originally priced at $725,000, it’s described as a loft-style two-bedroom that’s been converted to a “luxurious” one-bedroom. Two questions: Why is it listed as a two-bedroom, and are potential buyers turned off by the price for what’s really a one-bedroom?
1124 N. La Cienega Ln., #301
Was: $389,000 Now: $384,500
Days on Market: 8
Notes: Kind of a swift price reduction, after only a week. But this seems like a slightly more reasonable price for a one-bedroom. The owner bought it in 2002 for $195,000. If he/she hasn’t pulled cash out of it every few months, there’s price flexibility.
1233 N. Flores St., #203
Was: $595,000 Now: $575,000
Days on Market: 71
Notes: Purchased for $468,000 in January 2004.
906 N. Kings Rd., #8
Was: $597,000 Now: $565,000
Days on Market: 35
Notes: Here’s another listing that appears to be equivocating about the number of bedrooms. The description says it has “1 bedroom, 1.5 bathrooms, loft + separate office!” If I’m reading it right, it’s a three-level townhome. Hard to tell.
One more thing: Every Redfin listing page includes Nearby Similar Listings and Nearby Similar Sales. I’m seeing a widening gulf between the prices of the listed properties and the prices of the sold properties. This says that prices still have plenty of room to fall. Stay