Falling Fast at 525 S. Sycamore

The one-bedroom condos at the mid-century complex at 525 S. Sycamore Avenue, near Hancock Park, sold for close to $400,000 at the peak of the market, but not anymore. Today, the units are fetching around $300,000, so some owners are facing short sales.

Here’s a unit in the building that came on the market three weeks ago — #333 – for a whopping $415,000.  Ten days later, it was reduced to $399,000, and this weekend it was slashed to $349,000.  It was purchased in 2005 for $340,000, and the owner must have hoped that the comps and the market downturn didn’t apply to this unit.

Comps:525-n-sycamore.jpg

525 S. Sycamore Ave., #232
Sold for $305,000 on 7/24/08
1BR/1B/622 square feet

525 N. Sycamore Ave., #226
Sold for $280,000 on 7/1/08
1BR/1B/625 square feet

525 N. Sycamore Ave., #227
Sold for $280,000 on 8/14/08
1BR/1B/676 square feet

For sale:

525 N. Sycamore Ave., #210
$275,000
1BR/1B/676 square feet
Days on market: 12

525 N. Sycamore Ave., #231
$310,000
1BR/1B/680 square feet
Days on market: 117
Status:  Looking for backup offers