Wilshire Corridor Condos. How’s the Market?

It has been a while since we checked in on the Wilshire Corridor in terms of sales and rentals.  So let’s see how sales and rentals are going.

Wilshire Corridor condo sales

16 units sold in July at a median price of $778,750.
The lowest price sold was $390,000 for a one-bedroom at the Wilshire Regent and the highest price was $2,995,000 at the Wilshire Terrace, the only coop building on the Corridor.

Average sales price vs list price was 96.98% which is good for this luxury market.

There are 73 active listings at a median price of $1,349,000.
The lowest priced is $369,000 for a studio at the Wilshire Regent and the highest $12,800,000 for a 6,200 sq. ft. penthouse at the Wilshire House.

There are 36 units presently under contract.

14 new listings came on the market in July at a median price of $1,202,500.
The lowest priced is the $369,000 studio at the Wilshire Regent and the highest is the penthouse at The Californian.  This listing expired in June at $11,995,000 and was relisted in July at $10,880.

Wilshire Corridor condo rentals

There are 38 active rentals at a median price of $4,710 a month.
The lowest is $2,750 for a one-bedroom at the Crown Towers and the highest is $15,000 for a three-bedroom at The Remington.

12 of these listings came on the market in July.

A total of 92 units sold over the past six months, 36 are in escrow and there are 73 listings,

In terms of absorption, the under $1 million market is a sellers’ market, over $1 million favors buyers.

Condos for sale on the Wilshire Corridor

 

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