I feel like this is Oprah's "My Favorite Things Week", but instead of giving you the latest Dustbuster (do they even make thoseanymore) or Panini Maker, I am treating you to some of my favorite streets/neighborhoods that you may not be aware of. This is especially for the newer rich kids who haven't discovered these hidden gems of residential living in the heart of everything.
Much like Nichols Canyon, Marmont Ave/Lane is a mish mash of smaller homes in the 1-2 million dollar range as well as large, architectural properties that can price at 3 million and up. The streets of Marmont lie right behind the famed Chateau Marmont, a fabled Hollywood landmark. Affairs to remember, overdose related deaths we wish to forget, and everything in between have happened at this hotel. It's a wonderful place to grab dinner on the outside terrace or have a drink by the pool. It's old school Hollywood glamour at it's best.
What I like about this area is that again, it's somewhat hidden yet in the midst of everything. In contrast to Nichols, Marmont has less of a woodsy vibe to it and is more of a traditional Hollywood Hills neighborhood. Right now there are currently four active listings ranging from $1,097,750 for a 22oo sq ft fixer that is in probate to a 3,500 sq ft - 4br/4.5ba, well done Mediterranean for $4,495,000. Right now the average days on the market for these listings are about 3 months. Two of these have been on the market for 200 days each, with a cost per square foot of $1284 and $1032. These homes are definitely priced on the very high end of the spectrum and rival an updated home in the Beverly Hills flats at these prices if not higher. Side note - if you are on the market for more than 6 months with the same list price and you haven't sold, with all due respect to the sellers/agents - it's time to reduce and relaunch!
The streets behind the the Chateau have always in high demand because of the views they offer, as well as the close proximity to the best parts of Sunset Blvd. There have been two sales thus far on Marmont Ave/Lane since January 1, 2009. A partially updated tudor style ranch with 2119 sq ft for $949,000 and then a slick, gated mid century compound with pool and 2640 sq ft of living space for $1,856,650. The average days on the market for these two homes was just about two months, which for 2009 is exceptional. When pricing a home for a client or figuring out what to offer with a buyer there are premiums and intangibles that go into it that magic number besides just price per square foot, but this is always a good place to start. The blended average of these two sales was about $575/sq ft.
Although I focus a lot on slick, contemporary properties, I am also a huge sucker for traditional Spanish style homes with tons of character. I was driving the streets of Marmont one caravan last April with no real goal other than to pull over to talk my best friend off a ledge due to her dramatic relationship with her boyfriend. I stumbled upon 8265 Marmont and instantly fell in love. I made it a Hot Prop of the Day back then (click on the address for a detailed review and the rather funny story) and is still in my mind as a property that I would one day love to purchase. It just feels so special from the inside and out - it's hard to describe. You just know when you love a property. For whatever reason, it expired from the market with a subsequent reduction to $1,550,000 ($100,000 less from when I wrote the blog entry). I'll leave you with the pictures of this property and the hope that we will see it on the market again sometime soon or that it sold to someone who loves it as much as I do!
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