Is it interesting that the most expensive Single Family Residence that ever sold in Westwood (MLS Area 5) just closed escrow yesterday? I would think so. 567 Comstock closed at a record setting $7,000,000. The home has not been on the market in 40 years and after just 20 days on the market it sold in it’s mostly original condition at $1,505 per foot. Also, this home sold $5,000 over it’s $6,995,000 asking price!
Even at the top of the market in, the most expensive sale was in 2005 on Beverly Glen. That home sold for $5,900,000 at $804 per foot. This is far below the recent record setter. So what’s the big idea? What’s the difference between the coined “peak of the market” in 2006 and the current “worst market since the great depression”? Well inventory for one. Back even at the peak of the market inventory was bountiful. Also, financing. Current cost of borrowing money is at historical lows. So lack of inventory and affordability; but what else?