• Compass DRE# 01991628
  • 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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Tracy King's 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!

Tracy King begins her 27th successful year as a real estate professional specializing in buying and selling homes in Northeast Los Angeles with a depth of experience that makes her the only choice for both the first-time home buyer and the seasoned real estate investor.

Hail on our front walk

Crazy.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Hail Los Angeles!

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Another beautiful morning on Echo Mountain

I love LA!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Should You Sell Your House During the Holidays?

Now that we can almost smell those relentless reindeer about to land on the roof thanks to ambitious retailers, the question of "Should I try to sell my house during the holidays?" comes up.

You may have heard all the pat answers:

1. Houses look so pretty during the holidays, why not?
2. You won't see as many buyers, but the ones who are out there looking are really serious.
3. Some buyers have to close escrow by the end of the year for tax reasons.
4. Many buyers are on vacation during the holidays and have more time to look at homes.
5. Buyers are more emotional during the holidays, so they are more likely to pay more for a home.
6. There are fewer homes on the market, so less competition for your home.
7. You can close escrow on your home before the spring buying season, and so be in a better position to make a non-contingent offer on your next home.

All pretty good reasons, but the real question that sellers ask today is not really about "should I sell during the holidays" but  "Do you think my home might be worth more in the spring?"

That is the 64-dollar question, my friends. I was just asked it today. And prospective sellers don't want to take "I don't know" for an answer! "Come on, someone who has all the experience you do must have at least a feeling for what the market will do next!"

Yes I do. My feeling is that the market is volatile and will continue to be volatile and it could go up or it could go down based on many economic indicators that we don't have information on yet. Like, will the unemployment rate be down in the spring? Or, will the economy be better? Or will interest rates go up? Spring is several months away. Who do you know who is confident that they know what will happen then?

What if I said to you, "Wait until Spring, your house will be worth more," and then come next April the bottom has fallen out of the economy and your best chance of selling at a profit was lost? How would you feel? Do you really trust my expertise that much? If I told you that the best price you are going to get for your house for the next 5 years is right now, would you believe me? Let's all put it out for a vote: who thinks prices are going to go up in the Spring? Down? Oh, it's a 50-50 split. Now what? you really have to make your own decision about when to sell. It's kind of like deciding when to have a baby. What might be great timing for you is wrong for someone else, so how do you decide?

One of the hardest things about putting your home on the market is getting it ready for everyone to see. You have to pack up all your stuff, you have to clean, fix, paint, freshen, landscape...lots of stuff. The best time to put it on the market is when you have that stuff done. So when will that be? Does it help you to have a deadline? Good. Then get it ready now and go on the market when you are done. I don't care whether that is next week or next year. I will be here, ready to do my part when the time comes. My team is here to provide all the support possible to help you through this process.

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If You're into Infinitesimal Changes...

The annual rate of change in home prices continues to show improvement, according to Standard & Poor’s. Data just released by the agency shows the 20-city composite reading of the S&P/Case-Shiller index for August came in below its year-ago level by 3.8 percent. The previous month, S&P reported a 4.1 percent annual decline. The closely watched gauge posted a 0.2 percent increase in August versus July, marking the fifth consecutive monthly gain.

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From the outlook at Echo Mountain

Sunny Southern California, about 80 degrees at 8 am as the mist clears away from the LA Basin.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Midcentury with Exponential Potential

Listed for $599,000, this 3 bedroom, 2 bath pool home is ready for your creative touch. Ready to see now, open Sunday 2-5 pm. 5458 Mt. Helena, 90041.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Another Point of View on Pricing and the Market

Distress sales account for between 30-50% of the total housing sales both nationwide and in a number of local areas. In 2008 and 2009, there were a lot of foreclosures and now there are many more short sales. This has had a downward pressure on home prices in general. Also affecting prices has been the uncertain job market. If you are afraid you might lose your job, you don’t want to put your life savings into a down payment on a home you might not be able to afford in a few months. A number of homeowners have experienced job loss and this has resulted in many of the distress sales. You see the inter-woven relationship between the economy and the housing industry operating here.

But look at this graph of housing inventory for Eagle Rock 90041:



The number of homes on the market compared to the number of homes that go pending and sold has dropped significantly over the last couple of years. The monthly supply of inventory of homes available to sell was slightly over 2 months in September, 2011.

Typically, less than 4 months inventory indicates a seller’s market. So why are prices down? The common theory today is that “Shadow Inventory” (the number of potential foreclosures and short sales from people who are currently “upside down” on their loans) is causing prices to stay low. Why? Because if they all came on the market at once, prices would collapse. I have pooh-poohed this theory before because why would they all come on the market at the same time?

But here is another way to look at it:

With the inventory so low, this inventory of distress sales does take on a significant importance. Meaning, if over half the properties that sell are distress sales, those distressed prices affect the regular market. The common discount that a short or foreclosed property sells at has been computed as around 27%. But if you look at this year’s Eagle Rock prices, you only see a 5% discount. Why? Partly because with so many distressed sales, they have pulled the prices of “normal” sales down to a lower level in general.

Another aspect of the market is the “retail show ready” property vs. the “fixer poorly presented” property.  Look at 2030 Estes Rd, a midcentury home, almost entirely remodeled, staged and gorgeous - and compare it to 4842 Algoma, a short sale, not available to be shown, in need of a lot of repair. Guess which one sold for $925,000 (23% over the original list price) in multiple offers in 21 days (start to close of escrow) and which one sold for $470,000 (15% under list price) in 48 days? That is a huge difference in price for houses that were very similar in size. And they both sold for cash!

This is an extreme example of a distress property selling at over 50% less than the regular sale, but the condition, location and amenities of the properties were quite different as well. In other words, if these two properties were in the exact same condition and presented equally, Estes still would have sold for more because of its location, style and amenities. But how much more? That’s why pricing a home for sale and determining value with an appraisal is an art, not a science.

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The Lummis Home

A Highland Park historical treasure. Wonderful fundraiser Garden Party today till 4 pm.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Why Should I Buy Now?

The real estate market has hit the Pause button in the last few days. Why? Who knows? Waiting for another shoe to drop (such as even worse economic news?) It doesn’t make a lot of sense, really. Mortgage interest rates have dropped to the lowest in over 50 years. Lots of people have rushed to refinance their homes, but many have discovered that the rules are too tough for them to qualify now. Appraisals are extremely conservative, which means that if you refinanced back in the boom times a few years ago, you might owe too much to qualify for the required 20 to 30% equity that lenders want you to have now.

People who ask me about the real estate market assume that no one is buying because no one can qualify for a loan these days. Surprisingly, this is not true. Lots of people can qualify and are walking around today with pre-approval letters hanging out of their pockets. They even have 20% down payments sitting in their bank accounts ready to go to purchase that new home. Why don’t they make a move?

We’ve talked before about fear and how that has been holding the market back for quite awhile now. Fears such as: what if the prices drop more? What if I lose my job? What if a better buy pops up next week? What if my friends/relatives think I’m stupid for buying now?

Another obstacle is information overload. Every day we hear more economic news about things we really don’t understand, like, say, the Case-Shiller index or Standard and Poor’s credit rating of companies or countries. We hear about Europe’s economic woes, we see the stock market rocket up and down. What does it all really mean? How can we make a good decision in the face of all this information (so much of it bad news)?

How about trying this: turn off your radio, throw the newspaper in the recycling bin, and think about what you really want. Do you want a home to live in for several years? One that you can make your own with your unique designer touches? One that your kids can grow up in with a sense that they are loved and provided for? Want to try your hand at urban gardening? Raising a litter of puppies? What does any of that have to do with the Euro?

For most of us, not much.

The percentage of people in the United States who own their homes has varied between 65% and 70% over the last several years. “Experts” are saying that we probably won’t see 70% home ownership again. So what? So what if it is 65% forever more? Isn’t that still a large majority of the people in this country? Can we agree on this: most of the people in this country live in homes that they own?

Let’s go back to the basics for ourselves. A home is a big investment and the decision to purchase should be taken seriously, but life goes on day by day by day. Things do change, such as interest rates and loan guidelines. If you qualify for a good mortgage today, do you want to risk that you don’t qualify under some new guideline tomorrow? Do you want to wake up one day and see that your opportunity has passed you by?

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969 buckingham Pasadena

A nice little view. $4.7 million worth.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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New listing! 4920 Floristan Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
4920 Floristan Ave, Eagle Rock, CA
New listing! Open Tuesday 10/11, 10-2pm; Thursday 10/13, 10-2pm; and Sunday 10/16, 2-5pm.
2BR/1BA Single Family House
offered at $479,000
Year Built 1950
Sq Footage 1,102
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 11,300 sqft
HOA/Maint $0 per month
DESCRIPTION

Nestled on an 11,000 square foot lot in the heart of Eagle Rock, this midcentury traditional offers views, trees, patios and decks that expand this two bedroom one bath home into more. The kitchen has been updated with granite counters, a dishwasher, and a charming breakfast nook with built-in benches. Lined with windows on 2 sides with a door out to a patio with lots of space for dining and lounging, the outdoors come in with real California style. The sliding glass door off the master opens out to the front deck with spa, fenced for privacy. Freshly painted in and out, there is nothing you need to do but turn the key in the front door and move right in. The 2-car garage has been fitted out with all the ingredients of a workshop, an art studio, or even just a place to park the cars. The entire property is fenced and gated for complete privacy. Truly your own Shangri-La.
see additional photos below
PROPERTY FEATURES

- Fireplace - Hardwood floor - Balcony, Deck, or Patio
- Yard - Jacuzzi/Whirlpool
OTHER SPECIAL FEATURES

- Located in a quiet Eagle Rock neighborhood
- Large, private lot
- Move-in ready
- For open house information visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Dining Room
Master
Bedroom
Bath
Spa
Patio
Yard
Garage
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Sneak preview of my new listing

4920 Floristan, 90041. $479,000. Isn't it lovely?

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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In a Foreclosure Agent's Shoes

Now I understand why some foreclosure agents (who typically deal with a lot of offers) are so difficult to get a response from when I submit an offer to them. I have a listing that we “event priced,” that is, we listed it at such a good deal for the neighborhood it’s in that lots of people made offers. We had initial offers that went 25% over asking, so we countered everyone back at that. A number of people dropped out with the attitude of “Was that a typo?” “How do you think you are going to get that?” and the like.  But we did get a few that were up at that price, and the highest one was quite a bit over.

So why did it take us almost a month to get this home in escrow?

The highest offer was VA financing, which means no down payment, seller to pay 3% of the buyer’s closing costs. The real issue is that, because the house needs work, a VA appraiser could require a lot of repairs and the seller would have to fix them before the loan could be finally approved. The seller isn’t in a position to do repairs (a major reason why we priced it the way we did.) So this is kind of a “teaser” offer. When I asked the lender what could happen with the appraisal, he said it was 50/50 that they would require a lot of repairs.  How much of a gambler is the seller?

The next highest offer was for cash. They accepted our terms, but didn’t read the offer well enough to see that they were supposed to counter us back with their best and final offer. We couldn’t reach them for several days and when we did, we were told that we should have emailed them. So why give us phone numbers? Why didn’t they tell us that? Then they said yes to our “best offer over” price verbally, but then they countered in writing at $15,000 less.

The next offer was the most reliable deal: cash, a good agent, a savvy buyer. But at this point it’s the third highest.

Which one would you take? Or would you keep waiting?

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Don't panic: Economy is not as bad as 'experts' say

DAILY REAL ESTATE NEWS

Produced by Inman News

October 4, 2011

Sponsored by Lowe's

Don't panic: Economy is not as bad as 'experts' say

Commentary: It's time to debunk 'Global Depression'

By Lou Barnes
Inman News™

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Take a deep breath. Two. Unclench your hands. Let loose your shoulders. Look out at a brilliant fall sky. Leaves. Breathe again, but for scent.

Put this global/financial/political whatever-it-is ... put it down. Back away from it, and look at it from a long ways off.

Domestic U.S. growth is marginal, but not recession. New weekly unemployment claims are steady near 400,000, with no new wave of layoffs. Purchase mortgage applications are too low to work off excess inventory, but they are stable.

The Chicago Federal Reserve Bank's national index is at -43, which is below the long-term trend line at zero in its index but far above the -70 that would mark recession. Orders for durable goods were flat in August, but held the huge July gain.

It's flat and soggy, but hardly over the cliff that you'd think from listening to many media reports -- and especially to the talk from people in financial markets.

These financial folks are normally the Pollyannas of the airwaves. Upon any devastating flood, nuclear accident or outbreak of war, they've got a loopy grin and a new investment for you to buy. Note how strange it is that finance types sound so panicky these days.

People in markets rarely get hysterical at the same time. Yet the brightest -- Nouriel Roubini, Robert J. Shiller, Martin Wolf, Goldman Sachs itself, George Soros -- are engaged in "Depression leapfrog," every day finding some new reason that the world will be unable to save itself. Risk-averse markets become a self-fulfilling prophecy, imploding.

The most immediate threat is Europe. In 1999, Europe embarked on a common currency to remove the trade-inhibiting risk of volatile rates of currency exchange. That minor problem, easily hedged, has created an entirely new and gigantic one: The euro nations must synchronize not just their borrowing and trade, but their entire economic cultures.

I don't think it will happen, but it may; in any event, this talk of a "Global Depression" as the inevitable result of breakup and/or austerity is nuts.

Italy knows how to run Italy, odd as it is, and France can run France, and so on for each of them. Germany does not know how to run Spain, nor Ireland how to run Germany. If the union blows, back these nations will go to dealing with their own affairs. Separation would be a relief.

Financial types howl, "It's all so interconnected that taking it apart will be the end of life on earth!" Translation: We don't know how to trade it, and we can't figure out who is exposed and how much.

The European Commission in Brussels -- the nascent pan-European government that ain't gonna happen -- says every day that the euro must survive and of course it will because nothing is wrong. (The talk of freeloaders trying to keep their paychecks running?)

Poor Angela Merkel, a scientist trained in Soviet East Germany, is hopelessly unprepared -- she apparently neither wants change nor can grasp its elements, instead clutching at status quo.

Europe has no voice. Change is going to come, and it will be briefly chaotic but will rationalize a hopelessly irrational situation. The euro is only 12 years old, and the status quo ante is hardly a mystery lost in ancient times. The lurch will be quite something, but the locals know what they are doing.

The economic situation here is different, but the problem is the same. No voice. No voice at all. No one to explain, to trust.

The most powerful forces in Great Depression recovery were Franklin Delano Roosevelt's grasp of the essential -- nothing mattered but the economy -- and his voice. My Okie parents and grandparents spoke for the rest of their lives about gathering in front of the RCA when FDR would speak: "Nothing to fear but fear itself!"

Here, as in Europe, the locals know what they're doing. Every state and town is doing what it must to get its budget under control, to raise revenue as it can, and to look after its citizens.

From a safe distance, staring at this predicament, please do not mistake the temporary incapacity of the largest governments for an inability to manage our affairs. We go on. We adapt. Collective arrangements come and go.

Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached atThis email address is being protected from spambots. You need JavaScript enabled to view it." style="color: #bb0000; text-decoration: none;">This email address is being protected from spambots. You need JavaScript enabled to view it..

Contact Lou Barnes:
This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. Letter to the Editor Letter to the Editor

 

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Eagle Rock Music Festival

El Haru-Kuroi. Good stuff.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Pasadena Farmer's Market

Perfect day for fresh food and flowers!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Eastern View from Echo Mountain

Good morning!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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You can almost see the Ocean!

Back on Echo Mountain after a several week hiatus. Hot, clear, glorious Autumn day!

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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New listing! 1978 Chickasaw Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1978 Chickasaw Ave, Eagle Rock, CA
New listing! First open house on Sunday, October 2, 2-5pm!
3BR/2BA Single Family House
offered at $619,000
Year Built 1948
Sq Footage 1,825
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 5,370 sqft
HOA/Maint $0 per month
DESCRIPTION

Originally built in 1948 for the nearby Lutheran church, this mid-century traditional has modern upgrades with retro style. This home has a great floor plan, with three bedrooms, one full bath and one half bath on the main level, and a bedroom with three-quarter bath on the upper level. The living room features a working fireplace and a built-in entertainment center to suit all your media needs. Adjacent to living room and kitchen is an enclosed patio which provides extra space for entertaining, office, or family room. The secluded back yard has been terraced and is completely fenced in. More features included recently refinished hardwood floors, central air and heat, updated second bath, and fresh paint throughout.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Tile floor - Living room
- Dining room - Breakfast nook - Dishwasher
- Refrigerator - Stove/Oven - Microwave
- Granite countertop - Stainless steel appliances - Washer
- Dryer - Laundry area - inside - Yard
OTHER SPECIAL FEATURES

- Central Eagle Rock location - close to shops, schools and more!
- Great floor plan with bonus space
- Private, quiet back yard
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Living Room
Master
Bath
Bedroom
Bath
Breakfast Bar
Back yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 29, 2011, 4:08pm PDT
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Compass 179x55

Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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