• 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


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!

October Sales: Highland Park, 90042

Here are the closed sales during the month of October in Highland Park*:

October Sales_ 90042-1 copy
Here's what you need to know about these numbers:

  • In October 2010 there were 18 sales, same as this month.

  • The average sales price in October 2010 was $357,028 (compared with $394,506 this year, an increase of 10%)

  • In October 2010 there were 10 distressed sales - five short sales, five bank-owned sales.  In October 2011 that was reduced to 8 distressed sales - two short sales and six bank-owned.   That's a reduction of 11% in distressed sales.

*Single-family home sales in the 90042 zip code only.

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October Sales: Eagle Rock, 90041

Here are the closed sales during the month of October in Eagle Rock*:

October Sales_ 90041-2 copy

Here's what you need to know about these numbers:

  • October of 2010 there were 10 sales (compared with 15 October sales this year, an increase of 50%)

  • The average sales price in October 2010 was $491,556 (compared with 386,537, a decrease of 21%)

  • In October 2010, two of the sales were short sales, and one was an REO.  This year there were five distressed sales (1 short sale and 4 REOs).   That's actually roughly the same percentage - 30-33% of closed sales are distressed properties.

*Single-family home sales in the 90041 zip code only.

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Property Boundaries

We Realtors like to think that we are the experts at the center of the transaction, but we really can't give information about aspects of the purchase that are outside our areas of expertise. I'm not a roofer, I can't tell you if the roof looks good. I'm not a plumber, I can't tell you if the house has all copper plumbing. I can help you prioritize what you need to do to put your house on the market, strategize the pricing and marketing plan, write up a good purchase contract, negotiate a sale, guide you through the escrow process and many many other tasks that are part of helping you accomplish your real estate goals. When it comes to plumbing, roofing, flooring and other such things, I defer to others' professional expertise.

I am asked all the time about where property lines are at a property for sale. My answer is always, "If you really want to know, have a survey done." But there is a middle path--once in escrow, you can ask your title company to come out and identify the boundaries. This gives you a pretty good idea of where the lines are, though the survey is still the best way to determine them.

From the excellent loan officer, Linda Wilkes, Prospect Mortgage:

Fences should not be considered an indication of property boundaries. Legal property boundaries are demarcated by surveyor pins or stakes. These are typically 1/2" to 3/4" round iron pipes flush or buried slightly below land surface. Newer pins might have yellow or orange caps that indicate the surveyor's license number.

Locating property lines can be challenging. Older surveyor pins tend to erode. Older property markers could be metal posts, rebar, pipes or car axles. Those having difficulty locating their surveyor pins, also called corner pins, should contact their city or county government and get a copy of their plat map.

A plat map will identify each specific lot located in a subdivision — as well as the shape and dimension of the lot — and where the surveyor pins are located.

If a plat map is not available, or no pins are found, the next step is to contact a registered land surveyor to locate the property lines and set new surveyor pins. The boundary surveyor will thoroughly research city and county records relating to the land and all adjacent property. After research, the field work begins, reconciling the research with the onsite analysis on the property to determine the final boundary lines.

Boundary surveys might also include property improvements, fences, power lines and any encroachments crossing the property lines. Costs of a boundary survey can vary depending on property size, terrain, vegetation, location and season.

A survey is strongly recommended before subdividing, improving or building on land. Building beyond property lines could result in being forced to alter or remove a structure, fines and lawsuits.

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Never Say Never

The headlines from the Los Angeles Business Journal read:

Will L.A. home prices ever head up? Yes, but foreclosures, demographics will make it a slow march.

The article continued:

After a wrenching 6-year decline, the good news is that Los Angeles house prices are no longer in a tailspin.

“People always ask me, ‘When will I see my house worth what it was in 1989?’ I tell them, ‘It’s going to be awhile,’” said Fred Sands, president of Fred Sands Realtors.

In L.A. County overall, home prices have fallen around 30% since 1990.

Yes, folks, this was published in 1996, over 15 years ago. Did prices ever go back up to what they were in 1989? They were at a median price of $215,000 then for Los Angeles County. According to the Los Angeles Almanac, the median returned to the $215,000 number in 2000, so it took eleven years to complete that cycle.

What are they now? According to Dataquick, the comprehensive real estate database, the median price in March, 2011 was $320,000, a 43% drop from the highest median price in Los Angeles County history in 2006 when it reached $584,800. When will we complete this cycle? No one knows, but please, never say never.
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Tax Implications and Consequences of a Short Sale or Foreclosure

Here is a really good article that explains the tax implications and consequences of going through a short sale or foreclosure:Tax Implications & Consequences of a Short Sale or Foreclosure
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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.
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