• 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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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!

Market Update Highland Park 90042

From our spiffy Multiple Listing Service that has all the listings in one place, no matter what far-flung MLS an agent might put a listing in, our sales data are now much more complete. The following table is a sales overview comparing 2007 to 2008:highland-park-2007-to-2008

Highland Park has really been through the wringer, as we say in professional Realtor terms. From the beginning of 2007 to the end of 2008, the number of sales dropped 36%, and the lowest sales price dropped 56%! Wow, though the low sales price isn't as meaningful as the median and average prices which dropped by about 30%. The high sales prices of $950,000 in 2007 were mostly in the new development in the Monterey Hills, and that wasn't the case in 2008. In fact, the last house that sold over there was a foreclosure that closed at $705,000, a very significant 25% drop in price in one year.

What I think is really interesting about the trends in Highland Park is that the number of units sold appears to have bottomed out in the first half of 2008, with the second half showing an increase of 43%! The prices actually dropped close to 15% in the last half of the year. This indicates to me that we saw some kind of a bottom at that time in Highland Park, buyers perceived that there were deals to pick up, and the sales numbers, not prices, finally started to pick up.
In 2007, 7% of the sales were foreclosures, 1.6% were short sales, and 2.4% were trust or probate sales, for a grand total of 11% distressed sales. Compare that to 2008, when the sales were 45% REO, 10% short sales, and 2% trust sales, for a total of 57% distressed sales. Whew!

So what do we have going on in 2009? Of the 127 active listings, 39 are REOs, 31 are short sales, and 3 are probates, so 57% of the listings are distress sales. Of the 30 listings that went into escrow since January 1, 2009, 17 are REOs, 6 are short sales - 77 % are distress sales. Of the 18 closed sales, 11 are REO and 2 are short sales, which means that 72% of the sales are distress sales. What does all this mean?

- The bargain hunters are out and are buying. If you are a seller and you have to sell, you'd better be really well-priced and ready to negotiate further if you want to sell in this market.
- If you are a buyer and you see something you like, you'd better jump on it. The days of having your parents come the following weekend to approve your choice before you make an offer are over. In fact, if you need your parents' approval before you buy, you'd better bring them with you when you look at stuff.
- If you are waiting for prices to drop further, you may miss your chance to buy anything. Why? Because you won't know when the prices have bottomed out until you see that they have started back up. The minute that happens, sellers will be less negotiable and will wait to put their homes on the market. Simply put, there won't be anything good for you to buy.
- If you are a seller and you want or need to make a move, now is a good time because the buyers are out looking, but prices are still dropping, so price it right to start. That means price it under what the recent sales show. Yikes! (I know).

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The Eagle Rock Business Model and How It Works

These are difficult times for businesses of almost any kind. We all were holding on, looking forward to the day President Obama was inaugurated and lo! The stock market dropped 300 points! How mean. So everyone continues to cut back, economize, bargain, and figure out what they don't need to buy.

Needless to say we see a number of stores in our fair town hurting and even going out of business. Case in point, it looked like Regeneration (1690 Colorado Blvd, 323-344-0430, www.shopregeneration.com ) was going away, the sign in the window even said so. I felt bad because I believe in the idea of the store -recycled materials turned into beautiful goods like purses made from gum wrappers, shoes made from recycled rubber, even wine glasses made from recycled glass. Their tagline is "recycle, repurpose, rethink" - great idea, right? But the prices were a bit high and today, the price is everything, isn't it? And the need for something is really essential. Do you need a pair of shoes made from old whatsits? Well, maybe if they cost $5.00 you would, but for $45.00, not so much.

Then, hooray! The sign in the window said "Staying in business!" I went over there and met the new partial partner, Jeff. He is the former owner of Silverlake's "The Sniveling Sibling," an antique furniture store which was driven out of business when the real estate boom drove up the lease price. Not so today, right? And the furniture he has is affordable! He had a cool set of 4 dining chairs for $185! In fact, every chair in the store was under $200, and every one was really special, in my humble opinion. Jeff showed me through the store and filled me in on his ideas for some stylish home accessory displays and even an art gallery section.

So I say, give Regeneration a second look.

But back to the Eagle Rock Business Model. What is it? It's Good Value. Who has it? Oh, so many stores and restaurants. Top of mind is the Colorado Wine Company with its motto "Wine for Everyone." Their original model was no wine over $25 a bottle. They do have some higher end wines now, but you can generally go in there and taste something and not have to sell your house in a short sale and move under a bridge to pay for it.

There are so many more places to check out: Casa Bianca, the best Pizza Pie in Southern California. Armon's Cafe. Auntie Em's for dining, take out, catering, and even organic home delivery. Oinkster, really slow fast food with pastrami made on site. Dave's Chillin' and Grillin' - no one makes a better sandwich. Brownstone Pizza , where you can actually get pizza by the slice! George's Shoe Repair - he makes copies of keys that actually open the door you want, plus he can restore, polish, adjust or fix your shoes, purses, briefcases - very "green" wouldn't you say? Of course, our Trader Joe's is like Eagle Rock franchised. Plus we have the French bistros Cafe Beaujolais and Petit Beaujolais. Fatty's for gourmet vegetarian food with great wines and incredibly inventive and sinful desserts. Larkin's for soul food in a juke joint setting. Pollen for stylish and fun orchid and other flower arrangements at affordable prices (plus Craig does wedding flowers, landscaping and sells soy candles and so on). Eufloria is great for flowers too. Camilo's for very tasty and stylish food and surroundings, plus catering. There are other businesses like Eagle Rock Montessori, the best pre-school you will ever find at affordable prices. Ballroom Blitz, with affordable dance classes. Lady, a charming and quirky clothing store with cool hip clothes and jewelry and stuff on consignment. How about Don's Music, where you can find old vinyl favorites and all kinds of retro musical fantasies? Then there's the Cactus Gallery, Toro's Pottery, and Jose Vera's Fine Art and Antiques.

Gee, I wish I could refer you to the Eagle Rock website that would give you a place to check all these places out, but we don't have that! www.EagleRockTalk.com has the most, I think. Maybe the Chamber of Commerce will step into the 21st Century with a complete listing of businesses with their websites and contact information. I can't list here all the nifty stores we have. I do have a restaurant guide that has all the local eateries I like in it. Click the tab above to view it, I update it every few months or so.

What are your favorite Eagle Rock spots?  How about Highland Park?

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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

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