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LA Digs

Welcome to LA Digs, the real estate and community blog written by Tracy King and Keely Myres. Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

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On Friday we closed escrow on two great homes in Northeast LA - 4450 Yosemite Way in Glassell Park and 4757 Avoca in Eagle Rock.  Both homes came on the market at the same time - Yosemite Way for $549,000 and Avoca for $539,000 - and it was very interesting to see buyers' reactions to these two different homes. 

b2ap3_thumbnail_Yosemite-4450-front-1sm.jpg4450 Yosemite Way, Glassell Park
Listed for $549,000
3 bedrooms, 2 baths, plus a family room

4450 Yosemite Way is a midcentury ranch, 1,562 sq. ft. with 3 bedrooms, 2 baths and a family room.  The sellers purchased it in 2007 and transformed it from grandma's house to a modern home with a comfortable floor plan.  They update the systems throughout, remodeled the kitchen, and refinished the hardwood floors.  The back yard is nestled in the hills with a covered patio, lawn, and plenty of room for entertainment, gardening, or play.  Buyers loved the amount of space in this home, and how well-cared for it is.


b2ap3_thumbnail_Avoca-4745-front-4sm.jpg

4757 Avoca Street, Eagle Rock
Listed for $539,000
2 bedrooms, 1 bath

4757 Avoca Street is a midcentury traditional with modern touches, 1,073 sq. ft. with 2 bedrooms, 1 bath.  The previous owner did a beautiful job updating the home, expanding the living room, remodeling the kitchen, installing hardwood floors, and creating an indoor/outdoor flow with large deck and easy-care yard.  Buyers loved the feel of this home, with its bright rooms, large windows, and access to the back yard.

We received 13 offers on 4757 Avoca and 15 offers on 4450 Yosemite Way.  4450 Yosemite Way ended up selling for $615,000 - 12% over the asking price.  4757 Avoca sold for $588,000 - 9% over the asking price. 

Congratulations to the new home owners!

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The latest in Highland Park real estate news - nine single-family homes are being built on Burwood Avenue in Highland Park. Curious about the rumors of "gated community" and the like, I attended the Highland Park Neighborhood Council Meeting to hear a presentation by a representative from Williams Homes, a smaller developer who works out of Santa Clarita, who is building the project. I will tell you right now, this is an opinion piece, not a news article. And when you say Santa Clarita to me, I think of packed-in-like-sardines cheesy spec-built stucco developments with no soul. Here are the facts according to Keith Herren, Executive Vice President of Williams Homes:

 

  • The development plan has been approved. Grading has begun, sewers and water are in, the streets will be in soon, and home construction will begin within a couple of months.
  • The homes will be 2400-2700 square feet. The flat lots will have 2-story homes. The hillside lots will have 3-story homes with the main living area on the second floor, bedrooms on the top floor.
  • The lots will be about 5,000 square feet and the homes will each have yards.
  • The price is going to be in the $700,000-$750,000 range.
  • The style will be contemporary, a lot like the Rock Row development on Yosemite Drive in Eagle Rock.
  • The development will not be gated.

 

The discussion at the Neighborhood Council was lively. Neighboring residents voiced their objections to the style and the size of the homes because they felt it would be inconsistent with their smaller, historic Craftsman-style homes. These folks have every right to their opinion. They feel that no one will want to buy the new homes because they don't represent the historic nature of Highland Park. 

 

I think it will be very interesting to see what becomes of these 9 homes. We have seen inappropriate developments in Highland Park before--the Monterey Hills development that sold out eventually, and the four homes on North Staley off of Avenue 64, to name two. Both projects were supremely not Craftsman style, the Monterey Hills project was a large enough development that it was its own community, separate from the main part of Highland Park. The four homes on North Staley were real tract-style homes, priced in the $800,000-plus range and they still haven't sold.

 

I think this development could be different. For one thing, the homes are going to have some style and character, even though it isn't a Craftsman style. I hope they will incorporate some green building materials and features, like the Rock Row development did. Personally, I would much rather see an honest contemporary-styled home next to an original Craftsman home than see an imitation of the faceless beige stucco homes that stretch for miles in so many developments in Orange, Riverside, or San Bernardino counties. 

 

We have a contemporary home coming on the market next week which will set a precedent for this development, and it's maybe a half-mile away. 5830 Buena Vista Terrace is an architectural, eco-friendly contemporary that knocks my socks off, and I think the buyers are going to flock over to buy it. It has about the same square footage as these homes, 4 bedrooms, 4 baths, views from almost every window, a very private setting, and much more. We listed it for $799,000, Come check it out and tell me if you agree that it's about good style versus no style. Highland Park is historic and full of Craftsman homes, but it also has some interesting modern and contemporary homes scattered throughout. 

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b2ap3_thumbnail_La-Roda-Pending.JPGWHAT A DIFFERENCE A YEAR MAKES!

Within twelve short months the real estate market has done a complete turnaround:

  • The number of homes listed for sale is at an all-time low. Today there are 16 homes for sale in Eagle Rock. This time last year there were 42. In Highland Park there are 25 for sale, compared with 81 last year.
  • The number of Buyers looking for a home is growing every day. As we talk with buyers at our open houses we're hearing less "I'm not sure we've hit the bottom yet" and more "I really want to buy a house NOW."
  • Most homes that are market priced are selling in multiple offers over the asking price. All of the homes we've closed escrow on this year received multiple offers.
  • The competition for homes is increasing every day. We recently submitted an offer for a client on a house that had 22 total offers, and went to an all cash offer.
  • Many buyers are paying all cash, are willing to close in a very short period of time and will offer a lease back option if helpful to the seller.
  • Interest rates continue to hover at historic lows.

WITHOUT QUESTION THIS IS THE BEST TIME TO SELL YOUR HOME IN THE LAST 5 YEARS!

If you are thinking of selling your home you might be very surprised at what a buyer will pay in today's market.

If you are interested in moving up, this is the PERFECT TIME! The opportunity to get a great price for your current home and buy a new home as values rise is incredible.

This could also be the ideal time to make a great real estate investment!

Whether you are thinking about Buying or Selling...

Real estate is very exciting again!

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Tracy King Honored in Top Agent Magazine

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217 Newland Street, Highland Park

When we brought 217 Newland Street on the Highland Park real estate market a month ago, it was the cheapest home for sale in all of Highland Park at a price of $299,000. It was also move-in ready, having just been flipped by an investor, and had a new kitchen and bath, central air and heat, new flooring and paint, and fresh landscaping. This caused a lot of excitement with home buyers and we quickly received offers, ending up with 13 total. We closed escrow yesterday with a final sales price of $365,000.

If you would like to know what your home is worth in today's real estate market, give us a call at 626.827.9795 or send us an email!

Property Details:
Listed for $299,000
Sold for $365,000
2 bedrooms, 1 bath
852 sq. ft. on a 2,574 sq. ft. lot
Built in 1895

Living Room

Living Room

Dining Room

Dining Room

Kitchen

Kitchen

Bedroom

Bedroom

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Teles 179x55
Tracy King, Realtor
DRE# 01048877
Phone: 626.827.9795 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Keely Myres, Realtor
DRE# 01834633
Phone: 626.827.9795 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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