• 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!

Just Sold! 299 Rosemont Avenue, Pasadena

299 Rosemont Avenue, Pasadena

Last week we closed escrow on this bankruptcy sale - a townhouse in the desirable Orange Grove Village I complex. Our buyers are getting an amazing deal, they purchased the 2 bedroom, 2.5 bath home for $400,000! Features include wood floors, Walker Zanger Anthracite slate tile floors in kitchen and baths, private patio, two-car garage, plus access to the complex's pool, tennis court, and recreation room. If you are looking to buy or sell in the area, contact us today!

299 Rosemont Avenue, Pasadena Entrance

299 Rosemont Pasadena Living Room

299 Rosemont Kitchen

299 Rosemont Family Room

299 Rosemont Master Bedroom

299 Rosemont Pool

Property Details:
Listed for $399,000
Sold for $400,000
1,318 sq. ft.
2 bedrooms, 2.5 baths
Built in 1975

Listing and photos courtesy of John Abreu, Coldwell Banker

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What's the market like now?

This is probably the most common question I am asked as we launch into an exciting new year in real estate. Everyone is happy to be done with 2009 and to look forward with hope to a much better year. The most common answer I hear from various experts is that, in general, don't expect much different from last year. I think it's better than that in our special corner of the LA area.

Here is my personal experience so far since the beginning of this year, a bit over 3 weeks.

I've taken two listings, one of which hasn't come on the market yet. Sellers are seeing that the prices aren't necessarily as dismal as this time last year, so it might be a good time to sell and figure out a good next step. I've been on about 9 listing appointments and several of them may decide to move forward in the next month or two. I also opened escrow with some people who have been looking hard for many months.

Of the two listings in Eagle Rock that I have on the market now, we are having a good turnout at our open houses. That means over 30-40 people at the $699,000 listing at 5320 Rock View Terrace at each the last 3 open houses. Yesterday was the first open house for 4902 Wiota, listed for $429,000, and we had over 60 people!

5320 Rock View Terrace, Eagle Rock

5320 Rock View Terrace, Eagle Rock

So the first-time buyer crowd is out in force for the under $500,000 price range, with good interest for higher price ranges as well. And we don't have just looky-loos walking through (though you are always welcome at my open houses), we have serious talk of offers at both properties.

The First-Time Buyer Tax Credit deadline of April 30, 2010, is having a positive effect both on buyers and on sellers. I think there is a real urgency to take advantage of that opportunity, so buyers are about to have a better choice of interesting properties to consider. The inventory is extremely low right now as properties are being snapped up.

4902 Wiota Street, Eagle Rock

4902 Wiota Street, Eagle Rock

For you homeowners who have been in your primary residence 5 of the last 8 years, you have a very brief opportunity for a tax credit as well.  Check out my previous blogpost at http://www.tracyslarealestate.com/federal-tax-credit-for-home-buyers-expanded-and-approved-for-eagle-rock-home-buyers. You can also go to www.federalhousingtaxcredit.com for the complete information.

But whether or not you qualify for tax credits, this year is starting off with an active real estate market fueled by relatively low interest rates and prices higher than last year, but lower than the peak. Opportunity is everywhere!

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Deal Alert!

3171-larga3171 Larga Ave
Los Angeles, CA 90039
Price: $306,900
Beds: 5
Baths: 3
Sq. Ft.: 1,776
$/Sq. Ft.: $173
Lot Size: 5,404 Sq. Ft.
Property Type: Single Family Residential Detached
Style: Other
Year Built: 1956
Area: Los Angeles
County: Los Angeles
MLS#: 12119852
Source: i-Tech MLS
Status: Active
On Redfin: 70 days
Fixer-upper

Bank Owned property. Two houses on a lot. Front house has 2b/1b, no kitchen and is in need of some repairs. The back house is a major fixer upper, some work has been done but not completed. Great opportunity for investors or cash buyers.

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Monday Morning Eagle Rock Real Estate Report February 2, 2009

The Eagle Rock

The Eagle Rock

Good morning! Good week! Starting off February, there are 47 single family homes showing as active on the market in the 90041 zip code, with 15 of them declaring themselves as short sales, and 7 as REO, or Real Estate Owned, which means foreclosure. So, almost one third of what is on the market is subject to lender approval, with another 15% bank-owned, which leaves us with 53% of what is on the market today as "normal" sales. In truth, several more of the "normal" sales are under duress. What does this mean?

1. A short sale is a swamp sale, by and large. By that I mean trying to do one is like slogging through a swamp, where your most likely result is that you'll get mired in mud, maybe even quicksand, and you'll come away with a peculiar rotten smell that's hard to wash off. It is subject to lender approval, which means that you make your offer to the seller, his agent in turn submits it to the bank. You might even open escrow. Then you wait, your agent calls daily, time passes as you think that any day now your sale will be approved and you'll buy this house. Unbeknownst to you, the listing agent is still taking offers and submitting them to the bank. Some poor clerk who makes minimum wage and who couldn't care less that you are salivating over your great deal is buried under a mountain of these and decides to take a few sick days. So many times, the offers trickle in until the property goes to foreclosure sale, the listing agent is out of luck (but many times won't admit it), and some time later the property shows up sold to someone else. Some person who is related to some officer of the bank. (Oh how cynical of me!) Basically, most short sales are a fiction and they clutter up our inventory with what look like great deals and they just aren't, they are no deals at all. My research shows maybe 1 in 20 have been going through, though that number is increasing as the economy has worsened. If you are incredibly persistent, you might end up with something. But don't think you're going to get it at that bargain basement price you saw on the MLS.

2. Foreclosures are almost as hard to do. Strange how the really good deals come on sold or you can't get an answer for days and then it comes up sold, or other frustrating scenarios. In truth, most REO listing agents get piles of offers, have lots of listings and do not behave like human being Realtors like me. They seem to wait for the highest offer to come in, counter that one, and open escrow. Sometimes that one doesn't work out and it goes back on the market and the same system goes on again. They don't take backups, they don't return phone calls, they don't care about you and your offer.

If you are a buyer and you want to buy a home to live in - you know, like a regular person who just wants to buy in this great market, you will find that the ones that are actually for sale that you can actually negotiate for and purchase number maybe 15 to 20 out of that 47 on the market. And the ones in your actual price range number maybe 3 or 4 at best. But you see these 47, priced from $240,000 to $899,000, and you think there are all these deals and there will be more, and you listen to all your friends that the market will drop another 20-50%, and you are stymied. Do you want to buy a house or do you want to sit on the sidelines?

An interesting exercise would be to look at what sold in the last month and see if you would have bought those deals. Would you be interested in a blog post about that?

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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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