The Gordon Kaufmann designed 533 S Rimpau led the month, closing at $9.75MM, marking the 4th sale over $9MM in the neighborhood YTD. This glamorous Mediterranean boasts 6,496 sq ft on a 17,173 sq ft lot and last sold 11 years ago for $5.525MM. Rimpau also holds the record for the highest price per square foot at $1,501. Great property!
We continue to see a tale of two markets.
*At the higher end, over $3MM, there were 6 sales averaging $4.6MM or $1,277 sale price per square foot. The time on market was swift at 23 days. Most are cash buyers.
*Under $3MM, buyers are typically obtaining loans and are most rate sensitive. There were 17 sales, averaging $1.85MM or $879 sale price per square foot and nearly double the market time of 42 days. For anyone willing to do work, there are some good bargains.
A+ locations remain in demand and plenty of buyers are undeterred by doing work. 229 N Plymouth offered at $1.999MM was a great case in point. The 2,012 sq ft, Larchmont Village close home in Windsor Square HPOZ had multiple offers and sold well over its asking price this last week.
The lowest sale was below Olympic at 1246 S Bronson at $999k for 1,564 sq ft on a large 8,107 sq ft lot.
Proper presentation and thoughtful pricing continue to be winning strategies. Contact Loveland Carr for off-market opportunities and help with your next move.