Revisiting ZIP Code 90028

In mid-March, we took a look at ZIP code 90028 (approximate boundaries:  Western, Fountain, La Brea and Franklin avenues).  This is an area with lots of rental units. At the time, we found shockingly few condo sales — three, to be exact — but single-family homes inventory was low.  Let’s see how the picture has changed.  (March figures are listed in parentheses.)

ZIP Code 90028:  Hollywood

Single-Family Homes
For sale: 9 (5)
Average listing price: $1,099,000 ($789,000)
Average days on market: 89 (62)

Sold in last three months: 4 (16)
Average sold price: $1,025,000 ($862,500)

Condos
For sale: 56 (61)
Average listing price: $780,000 ($776,000)
Average days on market: 140 (113)

Sold in last three months: 1 (3)
Average sold price: $288,000 ($522,000)

Yikes — one condo sale in the last three months?  Looks that way. Here’s the listing.  It’s a one-bedroom, one-bath, 589-square-foot unit on North Orange Drive.  The seller purchased it in 2001 for $120,000 and apparently had enough price flexibility to let it go at a bargain price.

As for the other condos for sale, a lot of them are brand-new ones, built at the height of the market, that are supposed to signify Hollywood’s revival. Examples:

1645 N. Vine St., #407
$949,000
1BR/1B/1,286 square feet
Notes:  This unit in “Historic Broadway Lofts” was once priced at $999,000. If you don’t want to buy it, it’s also available for lease for $4,750. There are no similar sales listed for this building for the past six months, and there are a total of 10 units from this building on the MLS.

1633 N. La Brea Ave., #530/C4
$651,900
1BR/1.5B/1,120 square feet
Notes:  This is John Laing Homes’ “Madrone” new luxury high-rise. There are five listings total at this address, with none shown as sold in the last six months.

6735 Yucca St., #106
$745,000
2BR/2.5B/1,422 square feet
Notes: Described as “award-winning Architect Steven Kanner’s latest Modernest masterpiece, The Hollywood” (bad grammar cleaned up).  Eight units from this luxury 54-unit complex are on the MLS, with no recent sales listed.

6253 Hollywood Blvd., #802
$879,000
1BR/1B/1,255 square feet
Notes: This is the lovely old Equitable building at Hollywood and Vine; it’s been rehabbed into 60 condos. There are about a dozen units from this building on the MLS, with no recent sales listed.

How long will the developers of these units hold on before they cave to price pressure?  Stay tuned.