Property Q&A in 90035>Question Details

Bruce Braver…, Other/Just Looking in Sacramento, CA

how long does it take on average to sell a duplex in west los angeles listed in the mid $600,000?

Asked by Bruce Braverman, Sacramento, CA Thu Feb 5, 2009

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Hi Bruce,
I see that you are from the area of 90035 which is the Beverlywood area. There are no duplexes available in that price range at all in the Beverlywood area. In the last 3 months only 2 duplexes sold in that area. The average days on the market for duplexes right now is 94 days. On the 2 duplexes that were sold the average days on the market was 244 days. There are 2 duplexes in escrow right now and one is looking for a back up.
When you are selling a duplex it depends on how many bedrooms each unit has, the condition of the place and how large it is. If you price it in such a way that a buyer can break even if they rent out the units than you should be able to sell it pretty fast.

Let me know if you need any more info or help. I'll be glad to assist.

Best,

Tova Sarir
Keller Williams Realty Beverly Hills
homes@tovasarir.com
310-497-1930
Web Reference: http://www.tovasarir.com
0 votes Thank Flag Link Thu Feb 5, 2009
Bruce
Here is the problem. There are very few loan options for people buying duplexes. Duplexes in West LA are priced so high that the rents don't cover the cost, so for an investor they are no appealing. That leaves owner user, with this equation, in the current market, the bank will only lend starting at 70/30 loan to value. That means the owner user has to come up with 30% down in a good scenerio. They will only take rents into consideration when the lease has seasoned for at least a year and in some cases two. It is a great opportunity for buyers with a lot of cash but they are not usually buying owner user duplexes. especially when they can get SFR at a discount.

jsacavitch@kw.com
Web Reference: http://www.joeysellsla.com
0 votes Thank Flag Link Thu Feb 5, 2009
Hello Bruce,

I notice you are in 90035. I'll give you the stats on duplexes for West LA and Beverlywood Adj where you are at for December 2008 (the last period stats are available. These stats aren't based on price.
Average days on market for Beverlywood Adj was 126 and for West LA it was 43. I think a duplex priced at $600,00 would move quicker than 126 as long as the rents are good.

If you have any questions, just let me know.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
http://www.thecarrabbagroup.com
0 votes Thank Flag Link Thu Feb 5, 2009
Hi Bruce,

Thanks for your question. Currently there are no duplexes I see for sale or in escrow in the zip code 90035 for less than $893,500. Depending on the condition, style and location of your property, it could sell extremely fast in the mid $600,000's. The median sales price of a duplex in this zip code is much higher than mid $600,000's.

If you would like me to research more on a particular property you're interested in and let you know the general value, let me know and I'm happy to assist you.


Grant Linscott
Keller Williams Realty
323.333.6222 Cell
grantlinscottproperty@gmail.com
0 votes Thank Flag Link Thu Feb 5, 2009
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