With the low inventory and rising prices of Los Angeles real estate, how did the Wilshire Corridor condo market do so far this year?
There were 81 units sold in the first six months of this year compared with 70 in 2016.
The median price was $1,080,000 compared with $987,812 in the same period last year, an increase of 9.33%.
Those units selling within 30 days sold for 101.33% of the list price. Those selling between 30-90 days sold for around 96% of list and over that around 95% of list.
The lowest priced unit to sell was a studio at the Wilshire Regent for $480,000. This building continues to be one of the best values on the Wilshire Corridor. The units are smaller but they have spectacular views and the association dues range from $521 to $991. Also the Regent had the most sales during the period with 9.
The highest priced unit sold for $6,000,000. This was at the newest building on the Corridor, the Beverly West, which is the highest priced building on the Corridor, with units averaging around $6.2M. Units at this property and not all listed on the Multiple Listings service and they are very slow to sell.
The median price, excluding the penthouses is $1,429,000.
The following buildings had no sales this year:
The Westholme – there is currently 1 unit on the market for $1,175,000. 3 listings were canceled, the longest being on the market for 132 days.
Wilshire House – there are 4 units on the market for an average of $4,848,750. 2 listings expired, and one was canceled, the longest being on the market for 270 days.
The Westford – there is 1 unit under contract for $860,000.
The Californian – there are 3 units currently listed for an average price of $3,965,000, one of which was canceled after 188 days on the market, 1 unit expired after 124 days on the market, and there is 1 unit under contract.
If you would like to check out last year’s sales at each building please visit the main Wilshire Corridor page.
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