[REAL ESTATE] Small Number of Homes Garnering Multiple Offers
There were 92 single-family homes and 11 condos sold in the Ledger’s coverage area this March, according to data from Core Logic, a real estate research firm out of La Jolla, California.
Thirty-five homes sold in the Hollywood Hills’ 90068 zip code, at a median price of $1.23 million, up just under 2% from the previous year, while in the same area, six condos sold at a median price of $470,000, up nearly 25% from March of last year.
Echo Park had 27 homes sell this March, at a median price of $899,000, up over 20% from the same time last year. Only one condo sold, for $520,000. Data is not available for comparison with the previous year, as no condos sold in Echo Park during March 2015.
In Los Feliz, there were 16 homes sold, at a median price of $1.46 million, up 11.4% from March of last year. Median price was down, however, for the three condos sold in the area, nearly 10% from last year to $545,000.
This March, 14 homes sold in Silver Lake’s 90039 zip code at a median price of $850,000, a 16.4% increase over the same time last year, but only one condo sold, for $305,000. No condos sold in Silver Lake in March 2015.
The real estate market is strong and inventory still low in our coverage area, according to Joe Reichling, a realtor with Bryant/Reichling Real Estate at Sotheby’s Los Feliz, but real estate is more “house specific” than “market specific” at the moment, said Reichling.
According to Reichling, there is limited inventory of houses that buyers perceive as “quality,” which results in multiple offers on some homes, while others sit on the market for months with no interest.
“There are certain homes that strike an emotional chord with buyers,” said Reichling. “Others do not.”
One example of such a phenomenon is 2169 Willetta Street, located in a 90068 area between Beachwood Canyon Drive and Cahuenga Boulevard known as the Hollywood Dell.
Reichling said he and his partner Boni Bryant originally listed the property, which he described as “an absolute fixer,” for $1.199 million. It ended up closing, 11 offers later, at a much higher price of $1.5 million.
The home, Reichling said, once belonged to Charles Lisanby, an award winning production designer, who was also known for being a muse to pop artist Andy Warhol. This, combined with the home’s “unique and beautiful design,” made it highly desirable for many buyers, said Reichling.