• 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!

NELA Real Estate: The Numbers - Jan 1-May 31, 2017/2018

NELA Real Estate: The Numbers - Jan 1-May 31,  2017/2018

Just when some said real estate prices can't climb any higher, guess what? They're still climing in Northeast Los Angeles.

The numbers are in and there are no surprises. Homes in Highland Park and Hermon, Eagle Rock, South Pasadena, as well as Mt. Washington and Glassell Park homes are selling well, selling fast and selling for a lot.

Let's look at zip Codes 90041 (Eagle Rock), 90042 (Highland Park-Hermon) 90065 (Glassell Park-Mount Washington), and 91030 (South Pasadena) averages.

Note: All data is taken from themls.com, except the last column in 2018 is the percent increase from 2017 to 2018.The first column is first the year, then the average sales price for all single family homes in that zip code, the zip code with just the homes that sold for $1 million or more. AV SF is "average square feet", AV $/SF is "average price per square foot". The DOM is "days on market". LP is the "average list price" when the property went into escrow. The LP/SP is the list price/sales price ratio—a number over 100 is what percent the sales price exceeded the list price. And then #SALES is "number of sales" for that category January 1-May 31. %YOY$ is the percent increase in sales price from 2017 to 2018.

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Just Sold: Home in Eagle Rock!

Just Sold: Home in Eagle Rock!

This home in Eagle Rock is located at 5333 Waldo Place.

Sold for $949,000
2 bedrooms, 2 baths
1,786 sq. ft. on a 7,510 sq. ft. lot
Built in 1960

If you are thinking of making a move, give us a call to discuss a strategy to achieve your goals in today's real estate market.

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936 Hits

Just Sold in Eagle Rock: 5224 La Roda

5224 La Roda, Eagle Rock

5224 La Roda is a classic Eagle Rock home - Craftsman style, located north of Colorado Boulevard on a beautiful tree-lined street, with a spacious flat back yard to enjoy. It has great original detail, such as hardwood floors, built-in buffet and desk, un-painted wood trim. It also was updated in the late 1970s, which has its positives and negatives. Some people couldn't see past the popcorn ceilings, or style of the kitchen and baths. However, some buyers saw this house for it truly is - an amazing location, a lot of space, character, a great forever home. Not many homes come up for sale north of Colorado Boulevard to take advantage of!

We brought this home on the market in December with an asking price of $699,000 and held several open houses. After a couple of weeks we received one offer, then a couple of days later another offer, and another. Another case of buyers waiting, waiting, waiting and then jumping in all at once! The demand in the Eagle Rock real estate market is almost unavoidable these days. With multiple offers, we negotiated the final sales price to $725,000.

Property Details:
Listed for $699,000
Sold for $725,000
3 bedrooms, 2 baths
2,025 sq. ft. on an 8,171 sq. ft. lot
Built in 1923

Living Room

Living Room

Dining Room

Dining Room

Kitchen

Kitchen

Bedroom

Bedroom

Back Yard

Back Yard

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1859 Hits

Highland Park and Eagle Rock in Top 5 Hottest Neighborhoods!

Redfin, a popular home search engine, recently surveyed which neighborhoods or cities will be the most up-and-coming in 2013. To come up with the top neighborhoods in each market, they evaluated how each market was trending at the end of 2012 in four categories: on-market listings, sales volume, median price per square foot, and list price to sales price ratio. The areas with the most consistent trends in each category were labeled the “hottest in 2013.”

Well, what do you know? Highland Park, CA and Eagle Rock, CA are in the top 5 hottest neighborhoods, with Glassell Park, CA not too far behind! Of course WE know these are fantastic neighborhoods, but it’s always great to see recognition on a wider level. With great schools, or schools rapidly improving, lots of new businesses moving in and re-energizing the area, and convenient commutes, our neighborhoods are providing great communities for new buyers to settle down in.

Why did three of Northeast LA’s great ‘hoods get picked? According to Redfin, “The hottest neighborhoods are all seeing shrinking selection, increasing sales, and increasing prices—often at rates far above the metro areas that contain them.

Year-over-year trend in listings, sales, and median price per square foot as of December 2012

In our own experience, we are seeing multiple offers on most of our listings, often within a few days of bringing a home on the market. Most recently, our listing at 217 Newland Street in Highland Park received 13 offers within 6 days of being on the Multiple Listing Service, going into escrow with a sales price much higher than the list price of $299,000.

What’s causing this flurry of activity? Incredibly low inventory (Highland Park has been averaging 38 single family homes for sale, compared with 85 at the beginning of 2012), interest rates continuing to be at record lows, and an incredible amount of well-qualified buyers in the marketplace.

If you have been thinking of making a move, this is the best time in the Northeast Los Angeles real estate market last five years. We have seen sellers be pleasantly surprised at what their homes are selling for.

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1386 Hits

Real Estate Myths and Misunderstandings


If the Buyer backs out, I can keep their deposit, right?


 

That is what Sellers assume, but today’s California Association of Realtors Residential Purchase Agreement (RPA) is a little more complex. If the Buyer and Seller have initialed the Liquidated Damages clause, the Buyer has removed the Inspection Contingency, and the Buyer cancels for no reason, then yes, the Seller may keep up to the amount of the Earnest Money Deposit (EMD). However, it is extremely rare that a Buyer would actually forfeit their deposit with all the loopholes available today.



1. Any new disclosure from the Seller’s side can trigger a new disclosure period.


2. From the CAR website FAQ: Q 8. Does a liquidated damages clause automatically entitle the seller to the buyer's deposit if a transaction does not close?


A No. As already stated, a liquidated damages clause only determines the amount of money a seller can recover from a buyer, and then only if the seller can prove that the buyer breached the contract. A buyer may fail to close a transaction for a variety of acceptable reasons (e.g., where the buyer's obligation to purchase was contingent on the buyer obtaining financing, and the buyer could not reasonably obtain financing). To recover liquidated damages, the seller generally must prove in court or arbitration that the buyer's failure to close the transaction was wrongful.


 

Bottom line, in a real estate transaction today, there are no guarantees that the buyer will close the escrow until you receive the call that the recording is confirmed. As Bette Davis said in All About Eve, “Fasten your seat belts, it’s going to be a bumpy night.

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1247 Hits

New Home For Sale: 5339 Argus Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5339 Argus Dr, Eagle Rock, CA
Private cul-de-sac location north of Hill Drive!
3BR/2BA Single Family House
offered at $665,000
Year Built 1958
Sq Footage 2,138
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 8,543 sqft
HOA/Maint $0 per month
DESCRIPTION

This spacious one-level home has been in the same family since it was built and is filled with features that will make you want to stay in it forever as well. Located above Hill Drive in one of the best neighborhoods in Eagle Rock, you are close to everything -- yet not too close. The flow of this house offers formal and informal options: you can enter the house directly from the garage, pass through the large laundry room and into the kitchen, or greet your guests at the front door and welcome them into the entry hall. The kitchen opens to the dining/family room which opens into the sun room, and so it goes out to the patio and covered deck, perfect for your alfresco dining parties. Upgrades include mostly copper plumbing, a 200-amp electrical panel, updated bathrooms, and a recently re-done deck. The master has a large bathroom with Kohler spa tub, separate shower and dual pedestal sinks. There are fireplaces in both the living and dining rooms, and original hardwood floors.
see additional photos below
PROPERTY FEATURES

- Breakfast nook - Dining room - Family room
- Laundry room - Living room - Master bath
- Storage space - Dishwasher - Stove/Oven
- Balcony, Deck, or Patio - Sprinkler system - Central A/C
- Central heat - Garage - Attached - Fireplace
- Hardwood floor
OTHER SPECIAL FEATURES

- Located on a private cul-de-sac north of Hill Drive
- Attached two-car garage with direct access to house
- Separate laundry room
- Spacious bedrooms with ample closet space
- Updated baths
- Large deck and patio for outdoor entertaining
ADDITIONAL PHOTOS

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Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Created at Postlets
Posted: Oct 22, 2012, 7:23am PDT

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1727 Hits

Just Sold in Eagle Rock: 5136 La Roda Avenue

5136 La Roda Master
5136 La Roda Avenue

Now this is an interesting story to tell. We brought 5136 La Roda on the market back in July with an asking price of $699,900. We received one offer, which didn't come together. After a little while we reduced the price to $679,900. Still nothing. Then, in the beginning of September, we finally received an offer (under the new asking price). We began the negotiation process with this offer. After a few days of going back and forth we received another offer. And then two more offers. Suddenly we had a multiple offer situation to negotiate - after being on the market for over a month! We closed escrow last week with a final sales price of $715,000 - over the original listing price AND all cash with a 5 day escrow. Needless to say, this is a very interesting real estate market we have going in Eagle Rock right now!

5136 La Roda Living Room
5136 La Roda Kitchen
5136 La Roda Master
5136 La Roda Yard

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1421 Hits

New Home For Sale: 4526 Corliss Street, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
4526 Corliss St, Eagle Rock, CA
Recently remodeled and move-in ready!
3BR/1+1BA Single Family House
offered at $599,000
Year Built 1921
Sq Footage 1,485
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 1
Parking 2 Car garage
Lot Size 7,492 sqft
HOA/Maint $0 per month
DESCRIPTION

Done, done, done! Done with your home search, done with fixing up a place to live, done wishing you could find a great home with the perfect floor plan for you. Here is a one-level 3 bedroom, 2 bathroom plus family room with an open floor plan, a wide front porch, a new 2-car garage, a flat backyard with a fresh expanse of lawn and it is ready for you! Walkscore is a fantastic 87! Located close to The Capri, Auntie Em's, The Bucket, Fresh & Easy, and to Occidental College and all the athletic and cultural opportunities it offers.
see additional photos below
PROPERTY FEATURES

- Dining room - Family room - Living room
- Master bath - Office/Den - Stainless steel appliances
- Stove/Oven - Fenced yard - Garden
- Lawn - Porch - Yard
- Central A/C - Central heat - Garage - Detached
OTHER SPECIAL FEATURES

- Open living area floor plan
- Updated kitchen and baths
- Separate master suite
- Family room and office nook
ADDITIONAL PHOTOS

Front
Entry
Living room
Dining
Kitchen
Family room
Office nook
Bedroom
Bedrpom
Bath
Master bedroom
Master bath
Yard
Yard
Porch
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Created at Postlets
Posted: Aug 3, 2012, 3:06pm PDT

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1204 Hits

The Winds of Change

Real estate's Spring Buying Season is upon us. In spite of the current run of grey, drizzly days, rays of light are starting to shine on the local market. Just in the last couple of weeks we've seen multiple offers on almost every good property that's come onto the market in our Northeast Los Angeles area. And we're talking up to 22 offers on the extra special ones. (Others have had only 3 or 4, but, as we like to say, you only need one.)

We have been talking about the opportunities in the market for several years now, and many buyers have seized their deals and have been enjoying the benefits of home ownership, while many more were too fearful of jumping into a market full of scary economic predictions.

What has changed for the hesitant buyers? The good news for buyers is that mortgage interest rates are still low and prices for the most part are still less than the bubble prices of 2007.  But if you own a property and have been waiting for the market to improve, this is the best time in the last 4 years to sell your house. Even today with bad economic news on the European economy and only slight improvement in the job outlook for the U.S., there is a new optimism in our little corner of the world.

According to Trend Graphics from Itech Multiple Listing Service, we are seeing the numbers of properties going into escrow trending up since the beginning of this year, and the days on market going down. The inventory of available homes is very low, and when there are more buyers competing for a desirable property, we generally see prices go up. The inventory has been low but not this low for the last year--so why are we seeing all this activity now and not before? Because all the bad news about foreclosures and other distress sales added to a general feeling of fear that the market would continue to go down and prices would never recover. Now, because of government intervention and a gradual shift in lender's handling of distressed properties (from forcing more foreclosures to facilitating more shortsales), we are seeing the distressed properties influence on regular sales shrinking.

 

We are not back to the bubble prices of 2007 and early 2008. But we are working our way to a better market and if you are a property owner and considering making a move, you will find a good number of serious buyers ready to make an offer. So, why not wait for even better times? Well, we just observed the 20th anniversary of the 1992 Los Angeles riots. If you were around back then, you may remember a number of factors that happened that no one could have predicted: the first Iraq war, the 1994 Northridge earthquake, we even had a tornado in Los Angeles during that time!

 


If making a move now could be a good option for you, consider talking with us. We will help you consider your options and if it makes sense to your own situation, we can make it happen for you.
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1621 Hits

Before and After: 5220 Hartwick Street, Eagle Rock

Remember our little fixer listing on Hartwick Street that we sold last year?

5220 Hartwick Street BEFORE

We listed it for $299,000 and got a lot of interest (and offers) for this cute cottage on a street north of Colorado Blvd. We sold it to an investor who has done an incredible job of fixing it up and adding on to it:

5220 Hartwick Street AFTER

When we sold it, 5220 Hartwick was a three bedroom, one bath cottage with an odd floor plan. Now the home is a practically brand-new bungalow with three bedrooms, two baths, plus a den/family room. The floor plan has been opened up and flows much better than before. And of course, every detail has been updated to look modern:

Dining and living area before

Hartwick Living BEFORE

Dining and living area after

Dining and living area after

Kitchen before

Kitchen before

Kitchen after

Hartwick Kitchen AFTER

Bedroom before

Hartwick Bedroom BEFORE

Bedroom after

Hartwick Bedroom1 AFTER

Bath before

Hartwick Bath BEFORE

Bath after

Hartwick Bath AFTER

Back yard before

Hartwick Yard BEFORE

Back yard after

Hartwick Yard AFTER

Master bedroom added on

Hartwick Master AFTER


Quite the transformation, eh? All systems are new, including roof, central heating and air, plumbing, electrical, waste lines, gutters and water heater. The foundation has been retrofitted. The size of the home has gone from 1,200sq. ft. to 1,615 sq. ft. The home is currently listed for $699,000.

If you would like to see the home, contact us at 323.243.1234. We'd be happy to help you make it your own!

Listing Provided Courtesy of: Dana Frank, Rodeo Realty

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1503 Hits

New Home For Sale: 5022 Mount Royal Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5022 Mount Royal Dr, Eagle Rock, CA
New on the market! Open Thursday 4/19, 10-2; Sunday, 4/22, 2-5; and Tuesday, 4/24, 10-2.
2BR/1BA Single Family House
offered at $419,000
Year Built 1922
Sq Footage 996
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 6,953 sqft
HOA/Maint $0 per month
DESCRIPTION

Hurry over to this adorable 1922 vintage cottage located on a quiet residential street south of Colorado in the heart of Eagle Rock. Freshly painted inside and out with refinished hardwood floors, you can unpack and start living right away. The updated kitchen has real linoleum flooring, marble-style countertops, a dishwasher, stove and room for a small table & chairs. The separate downstairs houses the washer & dryer and a room for additional storage or your home gym. The detached garage would make a perfect artist's studio, play room or office. The back yard is large, fenced, and has a patio for your al fresco dining, planting beds for your garden and still has plenty of lawn and trees. Located in the popular Dahlia Elementary school area, check with LAUSD for enrollment requirements. So close to popular restaurants including Cafe Beaujolais, Classic Thai, and Casa Bianca, you can live the urban life Eagle Rock style!
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Hardwood floor
- Living room - Dining room - Breakfast nook
- Stove/Oven - Washer - Dryer
- Laundry area - inside - Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- Move-in ready home
- Quiet street south of Colorado Blvd.
- Large backyard with lawn, garden areas, and patio
- Bonus space underneath house
- One-car garage perfect for studio, home office, or storage
ADDITIONAL PHOTOS

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Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Created at Postlets
Posted: Apr 18, 2012, 2:19pm PDT
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2102 Hits

The Big Seller Question, Shadow Inventory, & Northeast LA By the Numbers

The first quarter issue of our newsletter is available online now!  Click here to get the latest news on Northeast LA real estate, including:


  • The Big Seller Question: Why won't they just make an offer?

  • Current state of the market

  • Northeast LA real estate by the numbers

  • Is cash always king?

  • Shadow inventory: What the heck is it? Will it even affect our local market?


Click here to download a PDF copy.  If you would like to receive a hard copy via snail mail, email us your address - it's free!

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1212 Hits

Just Sold - 2035 Ridgeview Avenue, Eagle Rock

Alright, Eagle Rock homeowners, we have proof that our real estate market is getting better. This is truly an amazing sale - and sets the new highest price per square foot for a three bedroom, two bath home in Eagle Rock since 2007! 2035 Ridgeview Avenue, located near Occidental College, features three bedrooms, two baths, completely upgraded and remodeled with style throughout:

2035 Ridgeview Avenue, Eagle Rock

We came on the market at $649,000 and received several offers. After a week we raised the price (causing many eyebrows in the community to do the same) to $724,900. Soon after that we opened escrow, with the requirement that there be no appraisal contingency because there were no comparable home sales like this home. No one thought it would appraise at the new asking price - little did they know what we were actually in escrow for!

2035 Ridgeview Living Room

This week we closed escrow and can finally reveal our sales price - $760,000! That is $562 per square foot (the average price per square foot for a three bedroom, 2 bath home in 2011 was $329). Not only that, but it did appraise for that amount. This shows what a great house with high quality finishes in a great Eagle Rock neighborhood can do.

2035 Ridgeview Kitchen

The whole neighborhood will miss our sellers, but we are also gaining a fantastic new member of the community! And of course they may decide that Eagle Rock is the place to be (as we all know it is...) and work their magic on another home here.

2035 Ridgeview Avenue Back Yard

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1552 Hits

Just Sold! 5326 Loleta Avenue, Eagle Rock

5326 Loleta Avenue

We just closed escrow on this Spanish-style home at 5326 Loleta Avenue - and just in the nick of time! This home sale has been on the verge of going short sale and with the help of all involved we got it closed as a regular sale. 5326 Loleta features an open floor plan, hardwood floors, Mayan-style fireplace, updated kitchen, private master suite, and a great Eagle Rock location north of Colorado Blvd. Congratulations to our sellers, and we welcome the new buyers to the neighborhood!

5326 Loleta Avenue Living Room

5326 Loleta Avenue Dining Room

5326 Loleta Avenue Kitchen

5326 Loleta Avenue Family Room

5326 Loleta Avenue Back Yard

Property details:
Listed (originally) for $649,000
Sold for $638,500
3 bedrooms, 2 baths
1,880 sq. ft. on a 6,000 sq. ft. lot
Built in 1925

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1401 Hits

New Listing! 5353 Kincheloe Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5353 Kincheloe Dr, Eagle Rock, CA
New listing! Call for your private showing 323.243.1234.
3BR/1+1BA Single Family House
offered at $499,000
Year Built 1954
Sq Footage 1,401
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 1
Parking 2 Car garage
Lot Size 5,595 sqft
HOA/Maint $0 per month
DESCRIPTION

1950's ranch has lots of original detail from doorknobs to fireplaces, hardwood floors to used brick accents. Go with the Americana theme or make a few changes to go Atomic Ranch. The living room is separate from the great room/kitchen/dining/family room. California life-style features also include sliding doors from the dining room to the back yard. Kitchen has Caesarstone counters and Marmoleum floors, baths have original tile counters. There is a wide front porch to sit on and wave at your neighbors plus a back patio for al fresco dining and relaxing in private. Sadly, it's a shortsale, so you will have to wait for lender approval before you can rush right in and start making this your home.
see additional photos below
PROPERTY FEATURES

- Fireplace - High/Vaulted ceiling - Hardwood floor
- Family room - Living room - Laundry area - inside
- Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- 1950s ranch-style home
- Located north of Hill Drive on a quiet street
ADDITIONAL PHOTOS

5353 Kincheloe Drive
Living Room
Double Fireplace
Family Room
Family Room and Kitchen
Dining Area
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Full Bath
Back Yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
Powered by Postlets
Posted: Dec 21, 2011, 12:44pm PST
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1008 Hits

Just Sold! 5458 Mount Helena Avenue, Eagle Rock

5458 Mount Helena Avenue, Eagle Rock

 

We just closed escrow on this spacious mid-century traditional today! Originally listed for $599,000, we received multiple offers and reached a final sales price of $625,500. 5458 Mount Helena Avenue is located in a great Eagle Rock neighborhood north of Hill Drive. Features include a large formal living room, dining room/family room, ample closet space, two fireplaces, and a pool. Congratulations to the new owners!


5458 Mount Helena Living Room
5458 Mount Helena Kitchen
5458 Mount Helena Yard

Listed for $599,000
Sold for $625,500
3 bedrooms, 2 baths
2,030 sq. ft. on a 9,070 sq. ft. lot
Built in 1951

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1477 Hits

November Home Sales: Eagle Rock 90041

November Home Sales Eagle Rock 90041

November Home Sales Eagle Rock 90041


Here are the single family home that closed escrow in Eagle Rock 90041 this November.  We have two exciting home sales to report: 1205 Eagle Vista (a beautifully remodeled midcentury which sold for $1,155,000 and is now the highest home sale in Eagle Rock since 2007!), and 1260 Hill Drive (another great midcentury which sold for $725,000 and has a price per square foot of $489.20 - we're working on getting Eagle Rock property values back up!).

Check out what sold last month in Highland Park and Glassell Park/Mount Washington.

You can see what sold in Eagle Rock in October here.

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1484 Hits

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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1401 Hits

New Listing! 5458 Mount Helena Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5458 Mount Helena Ave, Eagle Rock, CA
New listing! Open House Sunday, October 23, 2-5pm!
3BR/1+1BA Single Family House
offered at $599,000
Year Built 1951
Sq Footage 2,030
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 1
Parking 2 Car garage
Lot Size 9,070 sqft
HOA/Maint $0 per month
DESCRIPTION

Here is a mid century traditional that yearns to be your Palms Spring dream home. All one level with a huge formal living room, spacious dining/family room, two fireplaces, a kitchen that begs to be opened up--there is so much potential here, yet it is clean, freshly painted and move-in ready right now. The corner lot offers a front lawn for that croquet game, and a fully fenced backyard with a lanai, patio, and sparkling pool complete your own mini resort.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- High/Vaulted ceiling - Tile floor - Family room
- Living room - Dining room - Breakfast nook
- Laundry area - inside - Balcony, Deck, or Patio - Yard
- Swimming pool
OTHER SPECIAL FEATURES

- Located north of Hill Drive in Eagle Rock
- Original hardware
- Fresh paint and carpet throughout
- Back yard features a pool and covered patio
ADDITIONAL PHOTOS

5458 Mount Helena
Entry
Formal living room
Family room
Dining area
Kitchen
Bedroom
Full bath
Bedroom
Enclosed porch
Pool
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
Powered by Postlets
Posted: Oct 22, 2011, 3:21pm PDT
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1184 Hits

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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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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