Scott, great post as always. Thanks for the insight. If you want to show us some specific listings that have sold and offer your opinion as to why each sold, I'm sure that would prove instructive to both buyers and sellers. Are Fannie and Freddie's stricter condo requirements having an effect on sales?

Looks like the agent for the unit at 1333 Beverly Glen is maybe the son of the owners (He has same last name). However he is not disclosing on the MLS data sheet that he is related to the owners, which he is supposed to if he is in fact related. Additionally, the agent doesn't look to be affiliated with any major company (no company name listed) and has no email listed as well.

The two facts I just pointed out, related to owner and non affiliation to big broker indicate to me that he is out of touch with the market and started waaaaay to aggressive at $1,049,000. The last unit to sell in the building, on the 7th floor, took 204 days to sell and sold for $850,000 in September of 2007 ($50,000 off the original list price but $55,000 over the asking price of $795,000). The unit was the same size & bedroom count and from the pictures looked to be in better condition.

So it looks like this unit never should have been higher than the previous sale from the beginning. While the drop looks huge, 25%, that kind of price drop is not common in the area. I highly agree though that Westwood condos are not doing that great. Only the nice units that are fairly priced to start with, are selling. Sellers are no longer getting away with selling junk for high prices, thankfully.