April 9, 2008

Descending in the Hollywood Hills

If you’ve ever entered Hollywood’s Runyon Canyon Park through the south entrance, your calves will tell you how steep the terrain is — not unlike home prices in the area. But now that market conditions have changed, prices, while still not a walk in the park, are coming down slowly but surely. 

7560 Hollywood Blvd., #401, Los Angeles
Was:  $515,000  Now:  $499,000
2BR/2B
Notes:  Oh-oh. This owner bought the place in 2005 for $495,000 and will be selling at a loss. If it sells, that is.

6551 Franklin Ave., Los Angeles
Was:  $1,125,000  Now:  $995,000
3BR/3B/1,966 square feet
Notes:  There’s no sales history on this house, and only one photo with the listing, which means it probably hasn’t changed hands in awhile and needs updating. Its location is challenging, on busy Franklin Avenue and dwarfed by surrounding apartment buildings.

3072 Belden Drive, Los Angeles
Was:  $1,295,000  Now:  $1,249,000
4BR/3.5B
Notes:  The owners are cashing in.  They bought the place in 1994 for $330,000 (it had sold in 1991 for $489,000), so they bought very low.  Bet they wish they’d cashed in two years ago.  They’ll probably move to Texas, buy a mansion for cash and live fat and happy for the rest of their lives.