High-end condos in the City of West Hollywood continued to achieve high prices despite a depressed Real Estate market in 2011.
It was all about the views ..... Sierra Towers, the famous celebrity-filled high-rise located just off Sunset Boulevard at 9255 Doheny Road, achieved the highest sales prices in the area for 2011.
$3,225,000 for a 2-Bed 2-Bath unit measuring 2300 sq ft. That's over $1400 per sq ft!
The next highest sales were also recorded at Sierra Towers: $2,850,000 ... $2,750,000 ... $2,350,000 ... $2,175,000 ... $2,000,000.
Other notable sales include a penthouse at 855 Croft Avenue, originally listed at almost $1.4 Milliion, eventually sold for $1,240,000 .....
And then there's 1200 N Sweetzer #7 in a newer construction condo development.
Originally priced at $1,399,000, the condo ultimately sold in 2011 for $1,100,000.
Not to be forgotton is the well-known Empire West at 100 Alta Loma Road in West Hollywood, which usually records some of the highest prices in the area. In 2011 there was one sale worth noting - a 2-Bed 3-Bath condo originally listed at $1,699,000 that finally sold for $1,050,000 after 271 days on the market.
For further information about current listings and comps in the area, please call:
Stewart Penn - Penn Properties
Direct: 310-844-6515 Cell: 310-866-1818
Los Angeles: 8033 W. Sunset Blvd., Suite 608, Los Angeles, CA 90046
Stewart Penn - Realtor for homes and condos in Los Angeles, Beverly Hills, Santa Monica, West Hollywood, Hollywood Hills, The Sunset Strip and throughout the greater LA area. Now also selling mid-century modern homes and condos in Palm Springs.
All information obtained from The MLS is deemed correct but not guaranteed. Photos courtesy of The MLS.
Very detailed report! Real Estate Market reports are great information for buyers and sellers, educating them about current neighborhood trends!
Highest in price seems (surprise!) to to along with being highest in elevation.
:-)
Very interesting report.
Stew....like the views dude. Look pretty cool.
Wow $ 1,400 per foot !!1 We are selling homes here in Vegas at $ 40.00 per foot !!!!!!
Sure do look like some nice digs Stewart. I wonder what these would have sold for 4 years ago.
I checked the high price recorded on The MLS in Sierra Towers for 2007:
The very same condo that sold at over $1400 per sq ft ($3,225,000) in 2011 sold for almost $1800 per sq ft back in 2007 ($3,750,000).
This $525,000 loss represents a decrease of 14% in value.
Great location on Doheny...(always wondered what the views were like from that building).
Stewart, market price is all about perception of value and these stats confirm a unique niche market in play. Clearly, real estate is local!