April 25, 2008

Sellers’ Mojo No-Show in NoHo

Even before April swings into May, it’s abundantly clear the arrival of Spring has failed to thaw out the housing market, or even wake it from hibernation.

Sellers in North Hollywood’s 91605 zip code feel it as much as buyers, and some are taking steps necessary to defrost the market, or at least their piece of it. 

The working class 91605 zip is bisected by the Hollywood freeway north of Vanowen St.  The homes here and their prices are the most modest of the four zip codes that comprise NoHo, and they are taking the worst battering from the housing storm.   March sales figures from DataQuick  show a 34% year-over-year median price loss, down to $355,000. 

But a few sellers whose properties have been on the market at least 90 days are facing reality and making serious cuts to their asking prices.

11559 Cantlay St.
North Hollywood, CA 91605
$339,000

3 + 2 in 1,545 sq. ft.  Needs TLC, but the asking price leaves some money left over for several shopping trips to Home Depot.  On the market since last October, when it went on the boards at $499,000.  Will there be a taker?

12032 Lorne St.
North Hollywood, CA 91605
$350,000

A cute, clean 3 + 2 bungalow with upgrades on a cul-de-sac.  But its short sale status turns on a “Warning:  Slow Ahead” caution light.

12251 Lull St.
North Hollywood, CA 91605
$498,999

Five bedrooms, two baths, almost 1,900 sq. ft.  Not a short sale, this has been on the market since the first of the year; the owner has marked the price down from $565,000. 

It could be a long winter in North Hollywood.

---