Westwood Condo Market Getting Softer

This week’s Redfin update included a slew of price reductions on condos in Westwood.  A couple of months ago we reported that the condo market in Westwood was a bit soft, and that trend appears to be continuing.

The 90024 ZIP code shows 191 condos for sale, and only 21 condos sold in the last three months.  That’s considerably worse than in March, when 158 condos were on the market, with 42 having sold in the last three months.

There’s also a huge disconnect between asking prices and selling prices.  The average listing price of condos for sale is $949,000, while the average price of sold condos is $635,000.

In 90025, which includes parts of Westwood, there are 115 condos on the market, with 39 sales in the last three months – better than 90024, but still not great. The bulk of the sales, however, are west of the 405, which is not Westwood.

So condo prices are headed down, but judging from recent sales, they still have farther to go.  Here are some reductions:

1430 S. Beverly Glen Blvd., #202
Was:  $760,000  Now:  $735,000
2BR/2.5B/1,520 square feet
Notes:  The price has been reduced several times from its original $799,000.  The unit was built in 2006, so everything is brand-new.  The listing says the owners have moved out of the country and “must sell.”  This doesn’t say that it’s a short sale, but just about everyone who purchased in 2006 is upside-down.img_0488.JPG

1551 Greenfield Ave., #102
Was:  $795,000  Now:  $765,000
2BR/3B/2,015 square feet
Notes: This is a big unit in an older building.  It came on the market in January with an asking price of $850,000.

10775 Wilkins Ave., #102
Was:  $725,000  Now:  $699,000
3BR/2.5B/1,806 square feet
Notes:  This is a townhouse in a small building.img_0487.JPG

11033 Massachusetts Ave., #14
Was:  $675,000  Now:  $649,000
2BR/2.5B/1,519 square feet
Notes: This condo, in an attractively remodeled building, last changed hands in 2001 for $334,000, so as long as its owner didn’t continually pull cash out, there might be some price flexibility.