Reduced on Louisiana in Westwood

Back on the market is this three-bedroom, 2.5 bath luxury condo at 10417 Louisiana Ave., #103.  This unit is part of a 14-unit building that went up in 2005, right as the market was peaking. 

There is no sales history on the unit, which happens when homes are bought directly from a developer.  But judging from the photos that accompany the listing, this unit was used as a model.  It looks like no one has ever lived there.

The asking price on this 1,876-square-foot condo has been reduced from $939,000 to $917,000. It has been on the market for six months. 

The listing states that the property is also available for lease for $4,500 per month.  I did a search on Craigslist for three-bedroom homes in Westwood; there are about a dozen condos and houses available for at least $1,000 less.

What about comps?  Well, what’s sold in the area has gone for considerably less.

Sold:

1925 S. Beverly Glen Blvd., Apt. 36
Sold for $525,000 on 2/29/08
2BR/3B/1,717 square feet
Notes:  This 1971 condo, purchased for $625,000 in 2004, went back to the bank in August for $558,527. 

1875 S. Beverly Glen Blvd., Apt. 208
Sold for $680,000 on 11/29/08
2BR/3B/1,681 square feet
Built in:  1991

2340 Fox Hills Dr., PH2
Sold for $786,029 on 2/22/08
3BR/3B/1,701 square feet
Built in:  2003
Notes:  Someone paid $1,225,000 for this crib in October of 2006, far past the height of the market. The most recent buyer is a lender.  That means the lenders ate nearly half a million dollars within a year and a half. Something seems fishy here.

For sale:

10417 Louisiana Ave., #201
Price:  $919,000
3BR/2.5B/1,701 square feet
Notes:  This place, in the same building as our featured property, also looks as though it’s never been lived in. 

10417 Louisiana Ave., #101
Price:  $849,000
3BR/2B/1,640 square feet
Notes:  Again, in the same building, but there’s makeup on the bathroom counter, so someone is living here. It came on the market in January at $865,000 and has been reduced twice.

2276 S. Beverly Glen Blvd., #107
Price:  $659,000
2BR/2B/1,431 square feet
Notes:  This home has been on the market just 19 days.