A Good Summer for Westwood Condo Sales

The last time we looked in on condo sales in Westwood ZIP code 90024, in mid-May, things were a bit soft.  At that point, there had been only 21 condos sold in the past three months, compared to 191 that were on the market. westwood-map.gif

But how things have changed.  In the last three months, 67 condos have changed hands in 90024. Inventory has gone down, with 153 condos for sale. (The majority appear to be in Wilshire Boulevard high-rises.) And sold prices have actually ticked up a bit — $639,500, compared to $635,000 in May.

Another thing that hasn’t changed is the average price of Westwood condos on the market.  It’s $959,000, compared to $949,000 in May. Sellers’ and buyers’ expectations are still at odds.

The May post included some condos on the market at the time.  Let’s take a look at what happened to them:

1551 Greenfield Ave., #102: This two-bedroom, three-bath, 2,016-foot unit came on the market in January for $850,000.  It was reduced several times, first to $795,000 and then to $765,000, before finally selling on August 1 for $700K even. 

11033 Massachusetts Ave., #14: This two-bedroom, three-bath, 1,519-square-foot condo, built in 1974, came on the market for $675,000, was reduced to $649,000, and sold in June for $620,000.

1430 S. Beverly Glen Blvd., #202: Built in 2006, this two-bedroom, 2.5 bath, 1,520-square-foot condo came on the market in January at $799,000. It sold in July for $714,000.

With the summer selling season winding down, the next few months will be key.  Here are a few more listings we can track.

1735 Malcolm Ave., #D
2BR/2.5B/1,709 square feet
Days on market:  87
History: Purchased in 2002 for $579,000.

10911 Wellworth Ave., #2B
2BR/2.5B/square footage not listed (translation:  not a lot)
Days on market:  149
History:  This brand-new unit was priced at $999,000 when it came on the market in April.

10830 Lindbrook Dr., #4
1BR/1.5B/1,124 square feet
Days on market: 358
History:  Something’s got to give here.  This newly built unit is overpriced for the area.  It likely was built in the market’s heyday, and the developer is trying to hang on.