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:

1131 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