Nine-O-Two-One-OH! No Housing Crisis in Beverly Hills
The other day I blogged about a real-estate agent’s claim that homes in and around Beverly Hills are selling at a healthy pace, as though the housing slowdown didn’t exist. She wasn’t just blowing smoke. A look at sales in the infamous 90210 ZIP code shows that plenty is selling there, even in the last three months:
Single-Family Homes
For sale: 176
Average listing price: $3,562,500
Average listing square footage: 3,114
Average listing price/sq. foot: $695
Sold since 12/15/07: 79
Average sold price: $2,225,000
Average sold square footage: 4,217
Average sold price/sq. foot: $863
Condos
For sale: 68
Average listing price: $844,000
Average listing square footage: 1,308
Average listing price/sq. foot: $614
Sold since 12/15/07: 31
Average sold price: $875,000
Average sold square footage: 1,702
Average sold price/sq. foot: $554
It looks like condo sales are especially strong, with asking and selling prices closely aligned. There’s a little more of a disconnect between listing price and sold price on homes, but $2.2 million is still a huge price to pay for a house.
A Look at Westwood Home Sales | Redfin Los Angeles Sweet Digs said:
[...] week, I took a look at home sales in Beverly Hills and found that, as many agents have claimed, the housing crisis has [...]
March 17, 2008 11:00 AM
Mike Domino said:
I agree! All real estate is local. Highly desirable areas tend to remain resilient, even in down markets. Beverly Hills, and the West Side (West Hollywood, Century City, Santa Monica) real estate prices, especially for condo’s have held their own. Most of the new jobs created in LA are located on the West Side, thus adding to the demand for condo’s in this area.
March 17, 2008 11:14 AM
mike said:
The expensive neighborhoods the appreciated rapidly from 2001 will not be immune to the downturn, they’re just going to be the last ones to go. Even the best areas have ’substitute goods’.
@Mike Domino, your comment was just reeking of bad realtor advice. A quick google search reveals why: http://www.mikedomino.net/
So condos have held their own on the West side, huh? Not according to DataQuick.
http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT0802.aspx
Condo Price % Chg from Feb 2007
Santa Monica
90401 -37.7%
90402 -40.0%
90403 -47.4%
90404 3.2%
90405 -21.8%
March 18, 2008 10:08 AM
Condo Sales Flat in BevHills Flats | Redfin Los Angeles Sweet Digs said:
[...] couple of weeks ago, I wrote about how Beverly Hills 90210 had thus far managed to escape the housing slump. Today, I took a look at the other two Beverly [...]
March 24, 2008 10:26 AM
Reduced in Beverly Hills — Maybe Not Far Enough | Redfin Los Angeles Sweet Digs said:
[...] areas like Beverly Hills have remained relatively untouched by the real estate downturn — so far. Often, the most desirable areas are last to suffer and [...]
April 1, 2008 7:49 AM
A Snapshot of West Hollywood Home Sales | Redfin Los Angeles Sweet Digs said:
[...] my series of reports on home sales on the Westside (already done: Beverly Hills 90210 and Westwood 90024), here’s the scoop on West [...]
May 27, 2008 10:32 AM
The Housing Slump Catches Up to Beverly Hills | Redfin Los Angeles Sweet Digs said:
[...] March, I blogged about the current state of single-family home and condo sales in the famous Beverly Hills 90210 ZIP [...]
May 28, 2008 8:09 AM