July 14, 2008

Melrose Place Reinvents Itself

No, not the 90s T.V. show (its creator, Darren Star, is far too busy with Sex and the City), but the little street that juts off the western end of Melrose Avenue in L.A. (Star, a Maryland native, lived in West Hollywood after graduating from USC, so he had to know about the real Melrose Place).

The L.A. Times did a write-up last week about Melrose Place, which evolved from a residential street to an antiques and home-furnishings enclave to its current iteration:  high-end fashion destination.

The transformation began, by most accounts, a little more than three years ago, when Marc Jacobs and Marni moved on to the block in quick order. They were followed by other upscale retailers, including Carolina Herrera, Sergio Rossi, Mulbery and Lambertson Truex.

The retailers were drawn to the street’s intimate charm, privacy, and lovely old buildings. But parking and walkability remain problems, which is why it’s to your advantage to live nearby.

Plenty of the pricey condos near Melrose Place have come down in listing price.  Smaller, lower-priced units seem to be moving more than the high-end ones.

For sale:

718 N. Croft Ave., #303
$999,000
3BR/2B/1,679 square feet
Notes:  This condo is part of a brand-new complex called Croft Villas at Melrose Place.  The price has been reduced twice; from $1,149,000 to $1,049,000 to its current price. The listing says the place is 40 percent sold out, which means the majority of units are still available.  Those prices have been reduced, too.

560 N. Croft Ave.
$1,275,000
3BR/2B/1,751 square feet
Notes:  This house has been on the market for nearly a year.  It hasn’t changed hands since 1999. It would appear that a price reduction is warranted.

740 N. Kings Road, #220
$362,500
1BR/1B/667 square feet
Notes:  This is a lender-approved short sale.

Sold:

740 N. Kings Road, #215
Sold for $350,000 on May 1, 2008
1BR/1B/664 square feet

850 N. Croft Ave., #101
Sold for $912,500 on May 23, 2008
2BR/2B/1,682 square feet

8350 Waring Ave., #302
Sold for $550,000 on Feb. 13, 2008
1BR/2B/1,388 square feet

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