April 4, 2008

Price Reductions in West Hollywood

Several West Hollywood properties showed up on my Redfin daily update as “updated” listings, which means either a price reduction or a change in status.  There were a couple of properties that went “contingent,” which means there’s an offer on the property, but mostly the updates were on price.  Examples:

reduced sign Price Reductions in West Hollywood1131 Alta Loma Rd., #416
Was:  $669,000  Now:  $665,000
2BR/2B
Days on Market: 209
Notes:  Originally priced at $725,000, it’s described as a loft-style two-bedroom that’s been converted to a “luxurious” one-bedroom.  Two questions:  Why is it listed as a two-bedroom, and are potential buyers turned off by the price for what’s really a one-bedroom?

1124 N. La Cienega Ln., #301
Was:  $389,000  Now:  $384,500
1BR/1B
Days on Market: 8
Notes: Kind of a swift price reduction, after only a week.  But this seems like a slightly more reasonable price for a one-bedroom. The owner bought it in 2002 for $195,000.  If he/she hasn’t pulled cash out of it every few months, there’s price flexibility.

1233 N. Flores St., #203
Was:  $595,000  Now:  $575,000
2BR/2B
Days on Market: 71
Notes: Purchased for $468,000 in January 2004.

906 N. Kings Rd., #8
Was:  $597,000  Now:  $565,000
2BR/2B
Days on Market: 35
Notes: Here’s another listing that appears to be equivocating about the number of bedrooms. The description says it has “1 bedroom, 1.5 bathrooms, loft + separate office!” If I’m reading it right, it’s a three-level townhome. Hard to tell.

One more thing:  Every Redfin listing page includes Nearby Similar Listings and Nearby Similar Sales.  I’m seeing a widening gulf between the prices of the listed properties and the prices of the sold properties.  This says that prices still have plenty of room to fall.  Stay


Comments (3)

Dillon said:

Hi Cindy,

Yeah, the bedroom numbers game is annoying. I see it more with bathrooms, though, with 1.75 baths listed as a 2, or 2.5 baths listed as a 3. Maybe they’re counting the kitchen sink as a 1/4 bath.

Cindy Allen said:

Don’t laugh, Dillon. I think they DO count a sink as a quarter bath!!

Real Estate Doesn’t Always Go Up: A Personal History | Redfin Los Angeles Sweet Digs said:

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