• 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 , 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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Nine Single-Family Homes Being Built in Highland Park

The latest in Highland Park real estate news - nine single-family homes are being built on Burwood Avenue in Highland Park. Curious about the rumors of "gated community" and the like, I attended the Highland Park Neighborhood Council Meeting to hear a presentation by a representative from Williams Homes, a smaller developer who works out of Santa Clarita, who is building the project. I will tell you right now, this is an opinion piece, not a news article. And when you say Santa Clarita to me, I think of packed-in-like-sardines cheesy spec-built stucco developments with no soul. Here are the facts according to Keith Herren, Executive Vice President of Williams Homes:

 

  • The development plan has been approved. Grading has begun, sewers and water are in, the streets will be in soon, and home construction will begin within a couple of months.
  • The homes will be 2400-2700 square feet. The flat lots will have 2-story homes. The hillside lots will have 3-story homes with the main living area on the second floor, bedrooms on the top floor.
  • The lots will be about 5,000 square feet and the homes will each have yards.
  • The price is going to be in the $700,000-$750,000 range.
  • The style will be contemporary, a lot like the Rock Row development on Yosemite Drive in Eagle Rock.
  • The development will not be gated.

 

The discussion at the Neighborhood Council was lively. Neighboring residents voiced their objections to the style and the size of the homes because they felt it would be inconsistent with their smaller, historic Craftsman-style homes. These folks have every right to their opinion. They feel that no one will want to buy the new homes because they don't represent the historic nature of Highland Park. 

 

I think it will be very interesting to see what becomes of these 9 homes. We have seen inappropriate developments in Highland Park before--the Monterey Hills development that sold out eventually, and the four homes on North Staley off of Avenue 64, to name two. Both projects were supremely not Craftsman style, the Monterey Hills project was a large enough development that it was its own community, separate from the main part of Highland Park. The four homes on North Staley were real tract-style homes, priced in the $800,000-plus range and they still haven't sold.

 

I think this development could be different. For one thing, the homes are going to have some style and character, even though it isn't a Craftsman style. I hope they will incorporate some green building materials and features, like the Rock Row development did. Personally, I would much rather see an honest contemporary-styled home next to an original Craftsman home than see an imitation of the faceless beige stucco homes that stretch for miles in so many developments in Orange, Riverside, or San Bernardino counties. 

 

We have a contemporary home coming on the market next week which will set a precedent for this development, and it's maybe a half-mile away. 5830 Buena Vista Terrace is an architectural, eco-friendly contemporary that knocks my socks off, and I think the buyers are going to flock over to buy it. It has about the same square footage as these homes, 4 bedrooms, 4 baths, views from almost every window, a very private setting, and much more. We listed it for $799,000, Come check it out and tell me if you agree that it's about good style versus no style. Highland Park is historic and full of Craftsman homes, but it also has some interesting modern and contemporary homes scattered throughout. 

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Just Sold in Highland Park: 1503 Nolden Street

1503 Nolden Street, Highland Park

Now that we have officially closed escrow on this Highland Park home and are in no fear of jinxing anything, I can say - this was one of the smoothest home sales we've had in awhile. We had the magic combination of wonderful sellers, excited buyers, and professional buyers' agents to work with, such a joy! We launched 1503 Nolden Street on to the market in December, right in the midst of the holiday season. Even so, we received multiple offers and started the new year off with a new escrow. We negotiated a final sales price of $637,000 for this three bedroom, three bath home in like-new condition.

Property Details:
Listed for $599,000
Sold for $637,000
3 bedrooms, 3 baths
1,920 sq. ft. on a 7,772 sq. ft. lot
Built in 2005

Living Room

Living Room

Dining Room

Dining Room

Kitchen

Kitchen

Deck with View

Deck with View

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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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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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New Listing! 5318 Raber Street, Highland Park

Tracy King | Teles Properties | (626) 827-9795
5318 Raber St, Highland Park, CA
New Listing! Open house Thursday 3/8 10-2pm; Sunday 3/11 2-5pm; and Tuesday 3/13 10-2pm.
2BR/1BA Single Family House
offered at $399,000
Year Built 1926
Sq Footage 650
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 2
Parking 1 Car garage
Lot Size 6,316 sqft
HOA/Maint $0 per month
DESCRIPTION

Perched on a hill in Highland Park just a stone's throw from Eagle Rock, this updated 1926-era cottage has the privacy, views and serenity your artistic soul desires. Completely remodeled, this sweet cottage has a newer kitchen and down the spiral staircase is a master suite that includes a spa tub. The completely fenced street-to-street lot has a small garage at the end of the Avenue 53 culdesac, while the house sits at street level behind a privacy fence on Raber. The private garden offers a spa with a view, a deck with a view, and a porch with a view. This is a short sale and subject to lien holder approval. House is larger than assessor's records.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Hardwood floor
- Living room - Dishwasher - Laundry area - inside
- Balcony, Deck, or Patio
OTHER SPECIAL FEATURES

- Located on a street-to-street lot in the hills of Highland Park
- House is larger than assessor's records
- Amazing views toward Downtown LA
- Spiral staircase to lower level
- Quiet, private location
ADDITIONAL PHOTOS

Photo 1
Photo 2
Photo 3
Photo 4
Photo 5
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
Powered by Postlets
Posted: Mar 6, 2012, 8:26am PST
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Just Sold! 5921 Annan Way, Highland Park

5921 Annan Way Just Sold

This beautiful Craftsman bungalow was snapped up quickly in multiple offers when we brought it on the market in December. Features of 5921 Annan Way include hardwood floors throughout, remodeled kitchen and bath, updated systems, and a serene deck in the back yard. We just handed the keys over to the lucky buyer, and she is excited to move in. Congratulations to our sellers and the new home owner!

5921 Annan Living/Dining

5921 Annan Way Kitchen

5921 Annan Way Deck

Property Details:
Listed for $429,00
Sold for $408,000
2 bedrooms, 1 bath
1,020 sq. ft. on a 3,840 sq. ft lot
Built in 1911

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November Home Sales: Highland Park 90042

November Home Sales Highland Park 90042

November Home Sales Highland Park 90042


Here are all the single family home sales in Highland Park 90042 from this November.  The high sales price was $630,000 (compared to $680,000 in October), the low sales price was $210,000 (up from $175,000 in October), and there was a median sales price of $360,000 (down from $405,000 in October).

Also check out the November home sales for Eagle Rock and Glassell Park/Mount Washington.

You can see what Highland Park homes sold in October here.

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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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New Listing! 5704 Baltimore Street, Highland Park

Tracy King | Teles Properties | (626) 827-9795
5704 Baltimore St, Highland Park, CA
New listing! First open house on Sunday, October 30, 2-5pm.
3BR/2BA Single Family House
offered at $419,000
Year Built 1924
Sq Footage 1,106
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 5,619 sqft
HOA/Maint $0 per month
DESCRIPTION

This 1924 Craftsman cottage has been completely updated and transformed into a charming modern home with its own wonderful retreat. There are 3 bedrooms, 2 baths, central air & heat, a new wood fence in the front, completely fenced and private in the back. The street-to-alley lot has patios, a deck, and a separate garage with space for an office or workshop. Great space, privacy, all the mod cons including a spacious kitchen/great room with island and French doors out to the patio. Not only do you have a completely fenced-in area for garden and basketball, you have space to park your truck, RV or bass boat within your secured perimeter. Located in easy distance to all the great stuff happening on York Blvd, you can even make it to the new Maximiliano's in a short time! Close to Figueroa Produce, My Taco, so much more!
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Walk-in closet
- Hardwood floor - Living room - Bonus/Rec room
- Breakfast nook - Refrigerator - Stove/Oven
- Granite countertop - Stainless steel appliances - Washer
- Dryer - Laundry area - inside - Balcony, Deck, or Patio
OTHER SPECIAL FEATURES

- Completely remodeled and updated
- Central to all the conveniences on York Blvd
- Patio and deck perfect for entertaining
- Bonus room off garage for home office or studio
- Visit www.TracyKing.com for open house information
ADDITIONAL PHOTOS

Front
Living Room
Living Room
Family Room
Family Room
Kitchen
Dining Area
Dining to Patio
Front Bedroom
Hall Bath
Middle Bedroom
Master Bedroom
Master Bedroom
Master Bath
Back Yard
Bonus Room
Patio
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: Oct 28, 2011, 9:20am PDT
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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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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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It’s Up, It’s Down, It’s Up--It’s the Highland Park Market Update!

How is 90042 doing this year over last year at this time?

What looks like bad news is that the number of listings is up while the number of pending and closed sales is down:

But wait! Look at the average price per square foot!


And look at the average sales price vs. list price!


What is a buyer or seller to do?

If you listen to the news, you will be so confused. One day it’s a good market and housing is a good buy, the next day there is more trouble to come.


Right now, interest rates are back under the 5% range, sellers who are realistic and motivated are eager to sell, and buyers who have the courage to take advantage of this market can find good quality homes to buy.  So all of you, call me!  If you are motivated, I can help you realize your real estate goals.
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6163 Buena Vista Terrace, Highland Park

Here is our new listing in Highland Park (right on the Eagle Rock border) - listed for $399,000! Two bedrooms, 1 bath, plus den in 1,292 SF on a 4,835 SF lot. This 1912 Craftsman retains much of its original charm, like the built-in buffet in the formal dining room, the built-in bookcases and desk surrounding the fireplace in the living room, and the graceful arched doorway between the two rooms. Hardwood floors, large windows that let in lots of light, and rooms beyond the two bedrooms that are currently used as an office and a den. The home is complemented by a landscaped front yard and private, fenced back yard.

Open Tuesday, October 12, 10:00-2:00pm
Open Thursday, October 14, 10:00-2:00pm
Open Sunday, October 17, 2:00-5:00pm


You can also call to schedule a private showing if you can't make the open house times. For more pictures, visit www.6163BuenaVista.com.
Dining Room, with view to Living Room Dining Room, with view to Living Room

Master Bedroom Master Bedroom


Living Room Living Room


Back Yard Back Yard

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1829 Avenue 51

1829 N. Avenue 51 is an adorable, renovated 1927 Spanish-style home in Highland Park, located north of York Boulevard. The home has 2 bedrooms, 1 bath and is 808 sq. ft. on a 6,800 sq. ft. lot. Renovated by ModOp Design, the home's original details have been carefully restored and are complemented by a brand new eat-in kitchen and updated bath. The terraced back yard has a drought-resistant garden plus a vegetable garden, a covered patio, and a 400 sq. ft. studio space. Listed for $449,000.
1829 North Avenue 51

1829 North Avenue 51

Living Room

Living Room

Kitchen

Kitchen

Bathroom

Bathroom

Back garden

Back garden

Bonus Studio Space

Bonus Studio Space

This home was snatched up quickly when it went on the market over the summer, but lucky for you it is back on the market and ready for YOU to grab and take residence in. If you'd like to see it, give me a call at 626-827-9795.

Listing courtesy of Rob Kallick and Matt Morgus, Keller Williams.

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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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