• Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

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LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors 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!

What's Real in Real Estate Today? Part 1.

Well, I'll tell you one thing that's not real is a short sale. Those are properties where the sales price won't be enough to cover the loan and closing costs, so the bank has to agree to take less than they are owed to make the deal work. Guess what? They almost never agree to take less! They don't care that they may make less eventually when they have to sell it as a foreclosure. They want to make an example of these irresponsible sellers and make them suffer for getting themselves into such a financial pickle. If you are such a seller and need to sell, you had better be in real financial trouble or your short sale will not be approved. That means you can't have any other assets, or if you do, you have to give them to the bank. They'll transfer what you owe to another property, or they'll take a promissory note if you don't own any other real estate. And you almost always have to already be in default on your loan, so your credit is trashed regardless

So, you the prospective buyer say, what's the harm in looking at short sales? Here's the problem: you are wasting your time. Not just by looking at unlikely properties, but what if you fall in love and make an offer? What if it's actually accepted, pending lender approval, of course? Then you waste even more time waiting weeks, even months to find, 95% of the time, that the lender turned the deal down and foreclosed on the property yesterday. Not only is that really frustrating, but you have a huge loss in missed opportunities. That cute little foreclosure on the next street that sold in a day. That regular sale that sold in multiple offers last week. Oh, yes, and even though the paper says that the prices are dropping, now that you're back in the market it seems like anything that's any good is $20,000 higher than you thought you were going to pay with the short sale.

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Tracy's Micro Market Report for Friday

Pasadena, CA:

 

Constant readers know I am the King of Eagle Rock, but my real estate license is good in the state of California, and I have sold a lot of real estate all over Northeast Los Angeles and the western end of the San Gabriel Valley including Altadena and Pasadena in my 18 years as a Realtor.

Last week, I co-listed a terrific property at 3150 San Pasqual Street, Pasadena, for $1,875,000. We priced this to sell, not to market. We had 121 Realtors attend the Broker's Caravan last Thursday and 112 people attended the public open house last Sunday. We were given an excellent offer and after a bit of negotiation came to a mutually acceptable agreement by the end of the open house.

Wow, this sounds like the activity of the good old days, doesn't it? Here's the deal: we had sellers who wanted to sell, buyers who wanted to buy, and everyone eventually was satisfied with the price. A number of people whined about how quickly it sold although they admitted that they knew it was a good deal. They had been lulled by the current expectation that all houses take a while to sell and didn't act quickly enough.

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Check out the Eagle Rock Farmer's Market!

The Eagle Rock Farmer's Market has been around for almost 9 years, can you believe it? It's had its ups and downs that included pony rides, Elvis impersonators, fresh pressed apple juice, inexpensive clothing, incense, and the balloon clown. Today's market includes a fast food row with Latino, Filipino, and American style foods like hot dogs, horchata, chicken and pork skewers. There is always the Farmer's Market Table run by John and Sueann Miller on behalf of Michael Noguiera and the Chamber of Commerce. And there is good, fresh produce in season. Right now you can enjoy strawberries, plums, peaches, grapes, all kinds of greens, mushrooms, eggplant, tomatoes, zucchini, herbs, and lettuce. The orchid lady is there with several varieties of orchids at slightly higher than Trader Joe's prices. Every week brings a slightly different cast of vendors, so this week there was another garden booth selling small pots of other plants.
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Check out the Eagle Rock Farmer's Market!

The Eagle Rock Farmer's Market has been around for almost 9 years, can you believe it? It's had its ups and downs that included pony rides, Elvis impersonators, fresh pressed apple juice, inexpensive clothing, incense, and the balloon clown. Today's market includes a fast food row with Latino, Filipino, and American style foods like hot dogs, horchata, chicken and pork skewers. There is always the Farmer's Market Table run by John and Sueann Miller on behalf of Michael Noguiera and the Chamber of Commerce. And there is good, fresh produce in season. Right now you can enjoy strawberries, plums, peaches, grapes, all kinds of greens, mushrooms, eggplant, tomatoes, zucchini, herbs, and lettuce. The orchid lady is there with several varieties of orchids at slightly higher than Trader Joe's prices. Every week brings a slightly different cast of vendors, so this week there was another garden booth selling small pots of other plants.
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Two events this week

Two community events worth checking out:


Join me at Shaker's restaurant in Glendale to support the Women's 2oth Century Club tomorrow night!  The Women's 20th Century Club of Eagle Rock is a non-profit organization of local women who work together to improve the community, so the money raised will go straight into bettering Eagle Rock .


Womens' Club Fundraiser


The tree-lined sidewalk by Montrose Shopping Park plays home to a variety of artists who display and sell their work this weekend.  From 9 am to 4 pm, walk along Honolulu Avenue to see the fine art created by the community's own artists.



Montrose Art Walk
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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.

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