There always seem to be for-sale signs in front of the 13-unit condo building at 1144 17th, just north of Wilshire, but now there are three:
#8 - 2 bed/1.75 bath, asking $632K, LD=1/10/08
#12 - 2/2, asking $655,999, 9/28/07 (sold 3/14/07 for $633K)
#14 (front unit) - 3/3, asking $899K, 1/14/08 (sold 3/30/07 for $855K)
Those are the only two sales in the building during the last two years, according to the County Assessor. Must be a story behind them. I really doubt they'll exceed sale prices last spring.
Wednesday, January 23, 2008
17th Street condos
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13 comments:
Why are those guys asking for more than those condos sold at in March of 2007? Have you they borrowed too much against their equity? Have they had their heads in the sand during the past 6 months and been completely aware of where the market is going (down)? Have they completely lost it?
What the heck Westside??!! I thought I was the only one who was allowed to feature condos!...just kidding, nice to see you feature a few.
I was looking at condos in this area today and I saw the same trend that is seen here...people failing to understand (or accept) that prices have fallen over the past year. These listings will linger and will likely only sell with some major price cuts.
That's the issue, isn't it: everywhere else prices have gone down, not just anecdotally but based on the data of median prices, but parts of the Westside (like beverly hills, brentwood, the 90402) are either (a) immune (too many foreign buyers and persian dentists love it), or (b) in the denial phase, which will pass. 2008 will tell, but until we see the data on these areas we must reserve judgment.
Wow, the two with sold dates, they are selling less than 9 months after buying?? What the heck is going on here?
Could someone tell me what 1.75 baths means?
1/2 bath is just a toilet
3/4 bath is a toilet + bathtub
full bath is a toilet + shower/bath
"1/2 bath is just a toilet
3/4 bath is a toilet + bathtub
full bath is a toilet + shower/bath"
FWIW, I think "3/4 bath" typically means toilet + SHOWER, not toilet + tub
anon 8:27: That may be true for those areas, but this is 90403, and we've seen plenty of mark downs there on this blog and warchestsm's.
Regarding the one priced at 899k - this was on thh market all fall, first at 949k and then cut to 895k with an offer to pay the buyer's first year of HOA dues. This place has gone through three different realtors now - Coldwell, HelpUSell and now Prudential. It came off the market in early December and I thought maybe it had sold, but now it's back, so I guess they jsut de-listed. Furthermore, before it sold last March this unit had languished on the market for a long time. I can't imagine this will sell unless serious price cuts are made, which equals a substantial loss for the current owner. Also, aside from the comps and whatnot, let's be honest - this is an ugly building...really the worst of the 70's here. I love that the property listing describes this building as "architectural." Who cares about striking writers - we can just read real estate listings for non-stop comedy. Anyway, this unit is just crappy, the kitchen is tiny and that's reflected in how much trouble people are having selling it...last year and this year.
"FWIW, I think "3/4 bath" typically means toilet + SHOWER, not toilet + tub"
100% correct.
1/2 bath - toilet
3/4 - toilet + shower
1 - toilet + bathtub
so what price per sq foot do these condos sell for now ??
Who need a big kitchen when your bedroom overlooks the Bagel Nosh parking lot: the best bagel on the Westside. Well worth overpaying by a few hundred grand.
Unfortunately this unit is on the other side of the building, so they do not get the coveted Bagel Nosh view. They do, however, command a smashing view of the Men's Warehouse parking lot. Granted, Men's Warehouse isn't quite as pretty as Bagel Nosh, but it's pleasant enough to take the sting out of the mortgage payment.
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