Reduction in Little Holmby; WW Market News

The home at 911 Hilts Ave , LA CA 90024 received a price reduction of 8% yesterday, or $3,150,000, down to $2,900,000.  The home was listed just 20 days ago on 3/05/09 for $3,150,000 and this is the first price reduction of the listing term. According to the MLS, the home is a 6 bedroom / 5.5 bath, 4400 square feet on a 7623 sq ft lot.

The property at 2201 Manning Ave., LA CA 90064 received a price reduction of 4.4% or $50,000, down to $1,079,000. The home was listed a little over 2 weeks ago for $1,129,000. According to the MLS, the home is a 4 bedroom / 3 bath, 2,182 sq ft home on a 6,750 sq ft lot.

The home at 2207 Camden Ave., LA CA 90064 received a price reduction of 9.11% or $99,850, down to $995,900.  The home was listed on 1/28/09 for $1,095,750 and this is the first price reduction since the home came on the market. According to the MLS, the home is a 3 bedroom / 2 bath, on a 6,500 sq ft lot. This listing was previously purchased in 5/17/06 for $1,215,000.  With this new reduction, the home is now listed 18% lower than the purchase price in 2006.

In other market news this week, 2341 Veteran Ave , LA 90064 closed escrow yesterday.  It was on the market for 150 days, since 10/1/2008, originally listed for $850,000.  It went into escrow on 3/3/09, after two price reductions, first to $789,000 and then to $750,000.  It finally sold for $710,000.

In addition, 2046 Glendon Ave , LA 90025 is in escrow.  It went pending on 3/6/09 after only 18 days on the market.  The list price was originally $949,000, with a reduction to $879,000 after the first two weeks.  Stay tuned to find out what this one sells for.

It’s becoming apparent that in order to get those offers coming in,sellers in the Lower Westwood area have needed strong price reductions.  It will be interesting to see how this affects the Little Holmby and Westwood Hills market.