Tracking Woodland Hills 91364

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I trekked up the 101 to Woodland Hills this morning to have coffee with Laker* -- the frequent commenter -- and to discuss the housing market in his corner of Los Angeles, specifically Woodland Hills and Tarzana.

Laker, who rents a house in Woodland Hills, is looking to buy in the area, but is cautious, given that the economy is weakening and prices are still falling. He and his wife like the area for a variety of factors: It’s their home, the schools are good, it’s close to the 101, and it’s an easy trip to Malibu beaches via Topanga Canyon. But it is pricey: Even after a historic housing slump, the median listing price in 91364 is $699,000.

Earlier this year, Laker says, ‘there was a huge drop in prices. There were a lot of investors here, a lot of spec houses were built. Prices dropped maybe 20% in six months.’ Now foreclosures are popping up in streets close to Ventura Boulevard.

Laker’s looking for a 4-bedroom home in the $600,000 to $700,000 range. Ideal location for Laker’s dream house? On or near Wells Drive, a gently curving, picturesque, tree-shaded road lined with white picket fences and flowering bushes that runs south of, and parallel to, Ventura Boulevard. Many of the homes are discretely tucked behind hedges, like the one pictured above, at the corner of Wells and Natoma.

Pictured: 4766 Natoma Avenue, a 4-bedroom, 3-bath, 2,800-square-foot house on a third of an acre. Agent’s description begins ‘Incredible celebrity home in Vista de Oro ... beautifully remodeled estate...’ Includes pool and permitted apartment. Originally listed at $1.05 million, reduced to $999,000.

Look for more on Laker in a separate post.

More about 91364, from Redfin:

Date Oct. 21

--Listed for sale 267
(home and condos)
--Foreclosures for sale 30
--Median list price $699,000
--Median sales price** $488,000
--Median sold price per square foot: $288
--Median days listed 79
--% reduced in price 32.9%
--Median total reduction 9.5%

*Laker is not his real name, of course, and he prefers to keep his identity private.

**Based on homes sold or taken off the market in the previous 90 days.

-- Peter Viles

Comments? Thoughts? I’m always in the market for more neighborhoods to profile, especially if you are willing to act as my local market guide.

Photo Credit: L.A. Land