Multiple Offers on this West L.A. Condo

To sell in this market, it’s all about the price.  This one-bedroom, one-bath, 824-square-foot unit at 12203 Texas Ave., #4, in West L.A. came on the market in August for $459,000. When it didn’t sell, the owner and the agent began slashing the price:  first to $429,000, then to $399,000, and again to its current $359,000.

Agent Melyssa Peters reports that there are now five offers on the property, and she was forthright about its status at her open house on Sunday.  Credit is so tight these days, she said, that she’s not taking any offer for granted.  In fact, she said, the unit recently fell out of escrow.

Melyssa noted that the multiple offers were a reflection of the small number of one-bedrooms on the market in the area — five or six total, she said.

Here’s a look inside:

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12203-texas-bath.JPG

Sold nearby:

12030 Rochester Ave., #206
Sold for $370,000 on 5/14/08
1BR/1B/702 square feet

1525 S. Saltair Ave., #B
Sold for $386,029 on 8/5/08
2BR/2B/920 square feet
History:  The oddball price, plus the fact that someone paid $460,000 for it in 2005, says this is a bank sale.

On the market:

1437 Stanford St., #B
$469,000
1BR/1B/800 square feet
Days on market: 95

11920 Dorothy St., #203
$389,000
1BR/1B/903 square feet
Days on market: 226

  • http://www.thewestwoodblog.com Scott McIntosh

    Hi Cindy,

    I also just had a townhome on the Santa Monica / West LA border and had multiple offers (5) a few weeks ago. There has been a half a dozen or more with the same situation over the last month or so. A property on Ohio in WLA had 9 offers on it and went $16k over asking, one on Texas had a few offers, one on Butler had 4 offers, another on Centinela with multiples, 1 on Missouri, etc.. The fact is it happens in this market despite what people may think. I’m not saying the whole market is like this..I’m not saying real estate isn’t going to fall…etc etc.. I am just stating some recent occurrences that may surprise alot of people. These half a dozen properties are all close in proximity and between $549-$675,000.

  • Cindy Allen

    Hi, Scott: Thanks for posting. You’ve confirmed what I observed: that a lot is selling in that $600K-$650K range in Westwood.

    A lot of agents told me that obtaining financing is a problem; what have you observed in that regard?

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