July 9, 2008

Homes Selling Decently in ZIP Code 90036

ZIP code 90036, an area in L.A. roughly bounded by Fairfax, Melrose, and Highland avenues and Olympic Boulevard, is an area of classic 1920s homes that’s enjoyed a resurgence in the past two decades or so.  The area’s central location, plus its low availability of single-family homes in the area, has kept housing values and sales steady during the downturn.

There are 41 single-family homes listed for sale in 90036.  In the past three months, 32 homes have sold — many for a million dollars or more.  The average listing price of $1,194,250 is only about $100,000 more than the average sold price, which says that folks who price their properties realistically have a good change of selling.

Even though a million bucks is a ton of money for a house, it’s all relative.  If you want to own a home on the Westside but can’t afford Beverly Hills or Santa Monica, this area is a great compromise:  close to everything, yet comparatively affordable.  Also, the houses have tons of character, and they’re built as solidly as bomb shelters.

Here are some recent sales:

812 S. Highland Ave.
Sold for $1,175,000 on June 27
4BR/3B/2,191 square feet
Year built:  1928
History:  Last sold for $245,000 in October 1994, this home is on a well-traveled portion of Highland.

631 N. Fuller Ave.
Sold for $1,260,000 on June 24
3BR/3B/1,906 square feet
Year built:  1926
History:  Last sold in 2003 for $787,500.

625 N. Mansfield Ave.
Sold for $760,000 on April 16
2BR/1B/1,254 square feet
Year built: 1924
History:  Last purchased in 1977 for $35,000. 

On the market:

7660 Clinton St.
$799,000
3BR/1.5B/1,233 square feet
Days on market:  26
OPEN HOUSE:  Sunday, July 13, 2-5 p.m.
Notes: This is one of those “condo alternatives” — a small, single-story home on an undersize lot.  Looks like it’s nicely maintained.   

742 S. Citrus Ave.
$999,000
3BR/2B/2,149 square feet
Days on market:  102
Notes:  This home was last purchased for $400,000 in 1990, yet it’s listed as a short sale, which says that its owner must have been tapping its equity for a while. Check out the listing photo compared to the Redfin street photo; the listing photo must be old or Photoshopped, because the Redfin photo reveals serious neglect.

327 N. Vista St.
$1,070,000
3BR/2B/1,811 square feet
Days on market:  175
Notes:  The listing says this house hasn’t been on the market in 40 years (read: needs renovating).  Its price has been reduced four times since January.

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