At the End of the First Quarter

Here we are at the end of the 1st Qtr on the Wilshire Corridor, and the numbers aren’t good. Of the 11 buildings that I track at www.wilshirecorridor.com <http://www.wilshirecorridor.com>  only 12 units were sold, amount to $20.612M and averaging $1.718M, or 92.77% of the Listed Price .  That’s an average of $564.08/sq ft and 103 days on the market. This compares to same period last year, when only 11 units were sold, averaging $1.216M or 92.77% of the Listed Price, and $609.30/sq ft. If you remove the $9.2M Penthouse sold in The Remington, numbers change dramatically. The average drops to $1.037M from $1.718M, averaging $473/sq ft from $564. Wow, what a difference! The truth of it is that we are basically in the same market we were one year ago, despite higher employment and stronger consumer confidence.