As we post our last Sunday real estate story of 2023, we see that we have written over 100 stories about our local real estate market in the last year. Clearly, we find it interesting and hope you do too.
Experts we talked to for the scoop on our local market are ending the year on a positive note which bodes well for the market in 2024. Mortgage rates are coming down and inflation is easing. The stock market is at an all-time high. Locally, the writers’ and actors’ strikes are in the rearview mirror. If you’re thinking of selling, 2024 might be great, especially for homes under $5MM, just under the ULA tax threshold, or homes that are move-in ready or located on the most coveted streets.
“In our neighborhood, there were only 156 single-family home sales in 2023 versus 256 in 2022,” said Anne Loveland, Loveland Carr Group explaining the pent-up demand for homes this past year. The average time on the market continues to be about 30 days and prices are a bit higher this year averaging around $3MM, up from $2.8MM.
“If you are thinking of selling, you only have one opportunity to introduce a house when it first comes on the market,” she cautioned.
According to Loveland, there’s an art to pricing a home, it’s not just about the numbers. Ideally, you want your home to be priced to attract the greatest interest and sell relatively quickly.
“Over 63% of sellers wisely priced strategically to sell and sold 2.5% over asking within 30 days; often in multiple offers for the most coveted streets,” said Loveland. “Those who were overly ambitious on price chased the market and sold for far lower than necessary AND likely had substantial carrying costs and stress in the process.”
Here are some notable sales for 2023:
Highest Priced Single-Family Home
425 S Plymouth sold in late March for $16MM. It was one of the four homes in the neighborhood that sold for over $10MM in 2023. The initial asking price was just under $20MM and sold in 54 days on the open market. The home was extensively renovated by Tyrone McKillen, cofounder of Plus Real Estate Development, who purchased the property in November 2021 for $7.5MM from the Combs family.
McKillen sold his own home at 226 S. Windsor for $10.5 million, breaking a local Windsor Square record for the highest sale north of Third Street. According to Loveland, both the sale price and the price per square foot of $1,500 set new records. And, it won the hearts of the Loveland Carr team who voted it the “most beautiful & special of 2023.”
Highest Priced Condominium 
316 N Rossmore, also known as Country Club Manor, featured the highest-priced sales for a condominium. The historic building was designed in the French Normandy style by Leland Bryant, a notable architect practicing in Los Angeles in the 1920s. He also designed Sunset Tower. The renovated penthouse unit, #605 sold for $2.4MM after several years on and off the market. Unit #400 boasting a west-facing golf course view sold for $1.765MM.
Highest Lease
419 S Arden holds the record for the highest lease at $24,000 a month. The home was completely renovated inside and features a basketball court, pool, outdoor bar, and guest house.
Highest Duplex Sale
260-262 South Orange Drive was the highest duplex sale at $2.7MM. The seven-bedroom, five-and-one-half-bathroom duplex also featured a brand new fully permitted ADU above the four-car carport.
Best Deal
357 Lorraine in Windsor Square sold for $7.775MM at the end of March. This property set the record for what’s known in the trade as the “biggest price adjustment.”
The former home of tattoo artist Kat Von D was originally priced at $15MM. After 428 days on the market, the price was discounted saving the seller an additional 10% or $775k before Measure ULA took effect on April 1, according to Loveland. Von D purchased the home in 2016 for $6.5 million according to property records.
Neighbors might recall Von D’s elaborate Christmas decorations, including snow, in the front yard of the 1890 Victorian known as the Van Nuys home. Originally built in the 1890’s by Isaac Newton Van Nuys, the 3-story Victorian was moved to its current location in Windsor Square by his son J. Benton Van Nuys in 1915. According to local legend, the home was cut in three pieces and moved down 6th Street with a marching band in 1915.
Loveland recalled how her mother insisted she drop her business school work to tour the home and the fantastic 3rd-floor ballroom when it was open in the 1990s. We got a chance to view it then too. Fans of the movie “Cheaper by the Dozen” will also recognize this home.
We are fortunate to live in a neighborhood with so many architectural treasures, though most are not as grand as the Van Nuys mansion. And, we look forward to writing many more stories in 2024!
Happy New Year!
