Dramatice Expansive View of Unit #1 - Best Value
I try to keep an objective eye when I look at property, but I can't help but gush about this specific newdevelopment project that has been on the market for quite some time. A little known secret (or possibly a widely known one depending on who you are talking to) is that often when a new condo project hits the market, the developers (or we agents) create a tiered pricing matrix when assessing value to a particular unit or project. As I might have blogged about before, the simplest ways to break these pricing levels down are as follows: 1) Developer's are in dream world and it is never going to happen 2) Prices have been reduced to a point where there is now interest from the public, but the numbers are still too far from the actual market value that nobody is going to write an offer 3) Prices are at market level and deals are being made 4) It's a firesale, baby - the developer's are absolutely desperate and need to sell ASAP or they are in serious financial peril. When you see a unit that is impeccably done, well thought out, and has substantial quality behind it, know that most likely the developer has put their blood sweat and tears into the place. Obviously the name of the game is making money, but similar to most private sellers putting their homes on the market, their is certainly amount of emotion involved and developers are no exception.
This particular project is a bit of a conundrum in the sense that it was done top of the line with very high end materials used, but it hit the market at the worst time possible. Put that in a pot, add a dash of way overpriced, two pinches of the developer's taking far too long to accept the current market conditions, and voila - an unsold beautiful project sitting on the market for about a year collecting dust. From my assessment, the typical condo buyer for WeHo and the adjacent areas is usually (there are exceptions to every rule) between $400,000-$900,000 (this being on the high side). When you are seeing prices well over a million for a town home, no matter how slick it is, you are going to have trouble selling. Once you get into the millions, you can purchase a house with a pool which is where many of my buyer's heads go to.
The exciting news about Genesee is that now the developer's are motivated to make deals happen and sell the building out quickly. These are the moments that buyers who have been circling (a term I use for someone who is interested, but is just waiting for the numbers to hit the sweet spot before striking) have been waiting for. Although not published (this is why you should make sure you subscribe to my blog - I always have the skinny), there are major deals to be had - I dare say quite possibly more than 100K off the listing prices that have already been reduced about $100K-ish from when they first hit the market in May 2009. There are 4 units in the building starting at $999,000 for a stunning, dramatic 2 br/2.5 ba unit with floor to ceiling windows and a unique sunken kitchen to a penthouse with explosive city views/massive outdoor area to soak in the city for $1,149,000. Once/if there are officially published I think these are going to fly. So for you rich kids out there looking for an amazing deal on extraordinary property, give me a call. Below is my blog review of this building being a quasi Hot Prop from when I saw the project for the first time and still stands true:
925 Genesee marries uber cool chic with high quality materials and manages to achieve something often lacking in many new construction projects - a very usable, well flowing floor plan. I was blown away when I walked through the door of these town homes last week. Featuring dark espresso hardwood floors, floor to ceiling windows, a massive living room, and gourmet kitchen, every room in these residences is meant to impress (and does so quite nicely). One feature that I have not often seen is contrasting hardwood floors in the lux master and guest bathrooms. As I had mentioned, the floors throughout the unit are dark espresso, but the bathroom floors have a very light colored pine-ish wood creating a striking aesthetic.
As always, what prevents these from being an official Hot Prop is the price. This project has just hit the market about a month ago, so we'll see what kind of reductions are in it's future. As of now, it looks like all four units are still available. I'm guessing we'll see reductions of about $200,000 sometime soon. I am keeping my eye out on this one because I really do think they are amazing! ( Side Note From Today - This was my prediction when I posted this entry June 9, 2009 - I'm pretty good, huh?)
925 North Genesee Ave, Units 1-4, West Hollywood, CA 90046 - 2br/2.5ba - Ranging Roughly from 1865-2273 sq ft - $999,000 - $1,149,000
THE HOLLY VIEWS. THE ENTERTAINER'S DREAM. A MASTER DESIGN IN LUXURY & COMFORT. FEATURING AN OUTDOOR GAZEBO/DECK W/WD FLRING & BREATH TAKING VIEW OF LA - THE HOLLYWOOD SIGN & DOWNTOWN TO THE WEST SIDE. THIS DREAM RESIDENCE HAS A 40 FOOT BALCONY FACING THE HOLLYWOOD SIGN ABOVE LUSH GREEN MAPLE TREES. WIRED FOR SOUND, HD TELEVISION AND SATELLITE IS THE ENTERTAINER'S PARADISE. WALK FROM YOUR MSTR BDR TO THE GAZEBO, BE INSPIRED BY THE MAGNIFICENT VWS. BOSCH SS APPL'S, CUSTOM GERMAN DESIGN KITCHEN. Listed by Coldwell Banker Malibu Colony
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