Remember Ross, from the hit show “Friends”? Actor David Schwimmer’s former house at 345 S Hudson was the highest sale of the month and year to date. In 2001 Schwimmer paid $5.5M for the 1926 Mediterranean Rindge estate designed by Koerner & Gage (architects behind the gorgeous Beverly Hills City Hall) and resold it 11 years later for $8.865MM. The next owners resold for $11MM two years later. The property nearly DOUBLED AGAIN ten years later for the most recent, off-market sale at $21MM! The estate boasts over 11,000 sq ft of living space on an expansive acre with tennis court and pool.
Now a believer in the value of a beautiful, historic neighborhood?
This sale marks 1 of 3 over $5MM for the area, including 376 S Hudson at $14.98MM, continuing the momentum at the higher end of the market. Hancock Park remains in high demand, even during last summer which is traditionally a bit slower. More homes closed that the prior month and same time the prior year. We are seeing shorter market time and higher average prices. The mix of houses were especially good in terms of condition, location and price prompting buyers make a move.
Just recently interest rates started to ease which we expect to be reflected in September sales volume!
Hard to say goodbye to summer when it is 90 degrees outside….