Hot Property: 'Modern Family' producer-director lists L.A. town house at $599,000

 

Jason Winer, an executive producer and director of the ABC comedy “Modern Family,” has listed his three-level Hollywood-area town house for $599,000.

Part of a courtyard complex built in 1926 by Paramount to house its writers, the two-bedroom, 1 1/2-bathroom bungalow has 1,330 square feet of loft-like living space, a private patio and a detached garage.

The property previously sold in 2006 for $560,000, public records show.

--Lauren Beale

Thoughts? Comments?

Photo: The open-plan living room has high ceilings. Elisa Gil-Osorio of Sotheby’s International Realty’s Sunset office is the listing agent. Credit: Jeffrey Ong

Comments

[johnnyb1]

If home values are down approx. 20-25% from the market peak in 2006 when this property last sold for $560,000, why is it being listed now at a higher price?

[Drew]

Just because some homes decreased in value by 20-25% -- or even 50-70% (hello, Palmdale!) -- does not mean that every home has declined in value that much, or even at all.

[Realtor Of The OC]

Great location. Great History. I am a Real Estate Agent and can show it if needed !

[patient_vulture]

First, the LA peak was August 07, not 06. Homes were appreciating at an inane rate during the boom, 20-30%+ a year, so essentially this property could have sold (appreciated) for 20-30% more in Aug 07 (if he bought in Aug 06 or earlier).

Second, the listing price isn't the selling price, especially these days.

3rd, home value declines are very regionally dependent. SF valley see's 30-40% or more down, nice parts of LA city see 20-30% down. My area of Silverlake is about 30% down.

Finally, this owner, like most, probably isn't in touch with reality. If in fact this property is priced high for today's market, then he is in danger of what most owners do, which is--chase down the market.

Yet we are probably seeing more properties listed and priced today to take advantage of the 'stimulus' in the market due to gov. intervention (low interest rates, $8k tax credit, etc.), so owners are probably listing now and listing a little higher, due to the increase in demand.

[johnnyb1]

Patient_Vulture,

I agree with much of what you are saying here, especially the part about the homeowner "chasing down the market", but the actual peak in home prices was indeed in late '06 as evidenced by this S&P chart:

http://tinyurl.com/S-P-LA-Chart

[patient_vulture]

"Great location. Great History. I am a Real Estate Agent and can show it if needed !

Posted by: Realtor Of The OC | November 10, 2009 at 10:20 AM"
.......................................................

Great, just what we need, an RE agent spamming the comments section :-/

[patient_vulture]

"Patient_Vulture,

I agree with much of what you are saying here, especially the part about the homeowner "chasing down the market", but the actual peak in home prices was indeed in late '06 as evidenced by this S&P chart:

http://tinyurl.com/S-P-LA-Chart

Posted by: johnnyb1 | November 10, 2009 at 01:28 PM""
............................................................

That's a home price 'index' chart. Case/shiller (S&P) calculates the index based on same house repeated sales, not the median home price.

So it depends on who/what you follow more. According to everyone else, CAR, Dataquick, etc., the LA peak was around Aug 07. Check these links out>

http://latimesblogs.latimes.com/laland/2009/08/la-home-prices.html#comments

Super cool Valley median price list for every year from 1987-2008 (for the month of Sep)>

http://latimesblogs.latimes.com/laland/2008/10/valley-homes-sa.html?cid=136114835#comments

SoCal>
http://www.dqnews.com/Articles/2009/News/California/Southern-CA/RRSCA091013.aspx

Also, the 'peak' varied, some areas peaking earlier, others later. Overall though, it appears Aug 07 was average peak date.

[Cookie Monster]

@patient_vulture
Indeed, the LA metro area peaked around July/August 2007. The Riverside-San Bernandino areas peaked about one year earlier, summer of 2006. Orange County's peak was similar to metro LA, i.e. late summer of 2007.