#3 in the 37216 Series. The Lofty Failures. 2009 was a tough year for 37216. In the 2004-2008 market, momentum was pacing on a noteworthy level. With market stabilization in 37206, prices started a leveling in 37216. While every indication says that 37216 will easily return to its upward pace, 2009 was not a bright spot in its evolving value history.
Every homeseller dreams of setting the record for a 37216 sale. In 2009, several homes tried to take the top spot, but simply couldn’t make it.
The most lofty attempts were seen at 3800 Brush Hill Road for $475,000 on the Cumberland River; 3738 Cedarwood had no hope with its outdated decor and horrible photography at $459,900; 4318A Brush Hill Road at $449,944; and, 4308 Brush Hill Road at $419,900. The common thread leading to each home’s failure was the sellers/agents felt a riverfront bluff front home would trump each of their needs for essential updates. Buyers cringe at old kitchen cabinetry and wood paneling. Likely, the homes that renovate to an “atomic ranch” contemporary-style will see the higher dollar closings in 2010 and beyond.
The Fallacy of Numbers. Warning! Do not be scared of South Inglewood and Iverson. The lower prices and price per square footages reflect that many of the homes in need of renovation are being snatched up by investors. With South Inglewood’s location, sandwiched between Eastwood Neighbors and Inglewood proper, it’s a symphony of potential.
Iverson had so few closings, many of which needed full renovation. Thankfully, comparatives for this small neighborhood can borrow from many parts of 37216 for warrantable value.
This is part of a larger report. Download the full 37216 report here.
