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November Hancock Park Real Estate Market Update

November 2023 Hancock Park Update

SAG-AFTRA strike is over and Larchmont Village finally has a little market again with Cookbook in the former Chan Dara space. La Bettola di Terroni is in the full swing of things offering its patrons a full bar for the first time in the Boulevard’s 103-year history and lively atmosphere with ample outdoor seating.
The Windsor Square Hancock Park Historical Society hosted its annual home tour on Nov 4th and we were most excited to see the Canadian Consulate’s home on Muirfield for the first time. Its setting is superb and history fascinating. We were surprised to learn that the current owners have occupied since the mid 1960s.

Our neighborhood continues to be desirable among people moving from West LA, out of state and locally. 10 single family homes sold in November versus 12 sales last Nov 2022. Average prices were up +24% and time on market increased 28 days from 25 days last year. The highest sale was 354 S Lucerne at the corner of 4th in Windsor Square which started in Aug 2022 at $7.795MM.  After initial multiple offers, Measure ULA took effect on April 1 2023 and a brief withdrawal from the market for repairs, the home was relaunched and closed Nov 15th at $6.6MM, a 15.3% discount. 428 N Las Palmas, a Paul Williams design, also had multiple offers well into the $5MM range and through a series of circumstances settled at $4.999MM, still above its asking price. Positioned differently, this property would have likely sold in the mid $5MM range. Great opportunities for both sets of Buyers.
The lowest sale was at 493 N St Andrews for $1,249,000 for a 1,959 sq ft, 3 bed + 3.5 bath home.

There are 10 homes in escrow presently over $3MM on Cherokee, two on Rossmore and Longwood. The castle at 846 S Longwood is due to close soon. It’s asking is $5.498MM. It started at $5.999MM in April 2022. Buyers still have 50 homes to choose from ranging from $23MM to $999k.
The average price is $3.72MM for an average of 63 days on the market. Still a Seller’s market.

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