Call Us Now

323-274-2148

Email Us

info@tracyking.com
Slider

Tracy King's Blog

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and...

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning her next trip to Paris.

More

What's so great about this house?

1450 W. Avenue 43, 90065. $489000. Huge rooms, 3 bedrooms 2 baths, such a deal!

IMG_0703.MOV Watch on Posterous

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

Continue reading
  1010 Hits
1010 Hits

First Half of 2011 Market Update for Eagle Rock, 90041

Here is a table that illustrates the number of sales and percentage of distress sales over the last 3 years in Eagle Rock 90041. The question is, what does it mean? There’s a flipflop from a greater number of foreclosures in 2009 to more shortsales in 2011. Distress sales as a whole dropped in 2010 and have increased again so far in 2011.

ergraph



My guess, and it’s educated but still a guess, is that the lenders were very resistant to doing shortsales early on and have finally bowed to the inevitable. As more distressed homeowners are able to sell short, there are fewer foreclosures. The more positive numbers in 2010 I attribute to the peak of the “double dip.” Or you might look at the whole thing as our thudding along the bottom.

There is a lot of talk about “Shadow Inventory,” which is distressed properties that might come on the market. This includes properties that have notices of default filed (the homeowner has stopped making mortgage payments), have notices of trustee sale filed (they haven’t brought the loan payments current and are scheduled to go to foreclosure sale), REO or bank-owned or 3rd party owned (sold at trustee sale). It also includes properties that are “upside-down” which means the property is worth less than what is owed. This can be a huge number and there is no way to track what it is. The fear of “Shadow Inventory” is what if a lot of these distress sales come on the market at once? What will that do to the rest of the market

Personally, I think that is a big “if.” If it hasn’t happened yet, why would it happen now? One reason could be if we had a major economic setback. But believe it or not, we have actually been out of the recession and experiencing a slow (excruciatingly slow) recovery for the last 2 years, according to the National Bureau of Economic Research. Another reason could be a drastic change in mortgage lending in terms of either interest rates or underwriting guidelines.
Continue reading
  1688 Hits
1688 Hits

Updated Restaurant Guide!

Hi Everyone!  My restaurant guide has been updated with some great local spots - check it out!

July 2011 Restaurant Guide

Continue reading
  1129 Hits
1129 Hits

New listing! 1145 Oak Grove Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1145 Oak Grove Drive, Eagle Rock, CA
New listing! OPEN SATURDAY 7/9 1-3PM; SUNDAY 7/10 2-5PM; TUESDAY 7/12 10-2PM; and THURSDAY 7/14 10-2PM.
3BR/2BA Single Family House
offered at $539,000
Year Built 1950
Sq Footage 1,540
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 2
Parking 2 Car garage
Lot Size 7,160 sqft
HOA/Maint $0 per month
DESCRIPTION

Move right in to this midcentury traditional with upgraded systems from central air & heat to electrical and plumbing. Originally a duplex, the main floor has 3 bedrooms, 1 bath while the downstairs could be a master suite or the entertainment room/home office to die for. A sliding glass door opens to the spacious deck that overlooks the backyard. There is even an outdoor kitchen for all your alfresco dining fantasies. The 2-car garage has a finished interior.
see additional photos below
PROPERTY FEATURES

- Central A/C - Fireplace - Hardwood floor
- Family room - Living room - Bonus/Rec room
- Office/Den - Laundry area - inside - Balcony, Deck, or Patio
- Yard
ADDITIONAL PHOTOS

Front
Kitchen
Living Room
Den
Family Room
Outdoor Kitchen
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
Powered by Postlets
Posted: Jul 8, 2011, 2:16pm PDT
Continue reading
  1552 Hits
1552 Hits

Gracious 1950 Ranch

Open today till 1, Thursday 10-2. Cookies!

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

Continue reading
  1061 Hits
1061 Hits

Eagle Rock July 3 Celebration





Sundown, moonrise Eagle Rock Park
Sundown, moonrise Eagle Rock Park


An elegant and fun fireworks display
An elegant and fun fireworks display


Celebrating Eagle Rock’s 100th year, the free fireworks display at Eagle Rock Park brought the community together with a big lovely bang. It seemed like the whole town turned out--we had to park many blocks away and hike in to the park. Ronny and the Classics played some good old Rock and Roll. There were booths staffed by the various Eagle Rock civic groups from TERA to the Chamber of Commerce to the Eagle Rock High Boosters. Classic cars parked on the field provided more browsing opportunities. There were food booths for everything from funnel cakes and kettle corn to Chinese food. We had some very tasty Argentinian grilled sausages spiced with ChimmiChurri sauce served in a roll with fresh salad and rice.

The weather couldn’t have been better: not too hot yet clear and balmy.


The crowd was mellow and friendly with lots of kids, lots of families. We all oohed and aahed at the fireworks which were at least 15 minutes of colors and swizzles and sparklers and booms. The crowd cheered and celebrated and then we all walked back to our cars. Happy 3rd of July, Eagle Rockers!

Continue reading
  1967 Hits
1967 Hits

Getty Center Cultural Field Trip

What a perfect day to go to the Getty. The Angkor bronzes exhibit was small but inspiring as well.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

Continue reading
  1037 Hits
1037 Hits

New restaurant in Eagle Rock

Halong Bay opened just 2 weeks ago and it's doing well! Took the picture below just before we cleaned our plates!
Lovely atmosphere, delicious food, and affordable prices make this a winner in the successful Eagle Rock business model contest we all wage daily here.
Photo

The empty pineapple shell contained a dish called Festons, scallops sauteed with hoisin sauce, pineapple and red pepper. I had the Suon Nuong, thinly sliced grilled pork chops marinated in honey and lemongrass served with their house dipping sauce (and rice, of course). To start, we tried the Saigon spring rolls, shrimp and fresh lettuce, basil, carrot and cucumber wrapped in rice paper. We each had a drink and spent under $50 for the two of us. By the way, they serve Eagle Rock Brewery Revolution XPA, a bright and refreshing pale ale, so you can feel incredibly local when you dine here. The owner, Ray, had us try the Poisson, a filet of sea bass steamed in a banana leaf with herbs and spices. Yum! And for dessert, the cappucino mousse cake was divine.

You can check out details about the restaurant and see the whole menu at www.halongbayrestaurant.com. Or just go on over to 1948 Colorado Blvd, LA 90041. Call for hours at 323-258-2618.
Continue reading
  1375 Hits
1375 Hits

The Crown Prince of Chihuahua

My house guest last weekend. Think he had enough cushion?
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



Continue reading
  1197 Hits
Tags:
1197 Hits

May/June Newsletter Out Now!

Our latest issue of the newsletter is now available for your perusal! Check it out:

May/June 2011 Newsletter


  • Why I Joined a New Real Estate Office

  • Appraisal is Art, Not Science

  • A Seller Success Story: 2030 Estes Road

  • Case-Shiller Index Double Dips - Big Deal!

  • Recent Activity

  • Eagle Rock Fourth of July Event

  • Enjoy! And feel free to forward on to anyone you think would be interested.
    Continue reading
      1507 Hits
    1507 Hits

    Dwell on Design

    It's fun to see creative design for the lowly chicken coop.

    From Evernote:

    Dwell on Design Raad Chicken Coop

    A3b2ff5fec57c15388fd34dcf4fdbb

    Posted via email from Tracy's LA Real Estate

    Continue reading
      1097 Hits
    1097 Hits

    Dwell on design

    Solar panel on the outside, shutter on the inside. Interesting.
    Photo

    This is from Plug 'n Save Energy Products in San Diego. One of these shutters costs around $400, plugs into a transformer that you can plug into an outlet in your home. The electricity produced is enough to run a computer monitor or a TV. Every little bit helps. www.plugnsaveenergyproducts.com.
    Continue reading
      1469 Hits
    1469 Hits

    Dwell on Design

    Interesting tile made from recycled materials www.ctm.com.
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



    Continue reading
      1479 Hits
    1479 Hits

    Green Real Estate

    I'm happy to announce that I've earned the NAR (National Association of Realtors) Green Designation. I now have access to the research and information from the Green Resource Council to share with you, like this essay on Why Go Green?

    There is a variety of reasons to go green, but most come back to supply and demand. We have a limited amount of resources available and more and more people using them up. If we want our future generations to enjoy the same standard of living we've experienced, we need to take action.

    Green building is a great place to start, as buildings consume 14% of potable water, 40% of raw materials, and 39% of energy in the United States alone (according to the US Green Building Council). That's 15 trillion gallons of water and 3 billion tons of raw materials each year! If that's not enough to convince you, here are some other reasons to go green:

    FOR THE ENVIRONMENT


    Want to make the world a better place? Implementing green practices into your home or office can help reduce waste, conserve natural resources, improve both air and water quality, and protect ecosystems and biodiversity.



    FOR THE SAVINGS


    Want to make your dollar go further? Green systems and materials reduce energy consumption, which in turn reduce your energy bills. They also increase asset value and profits and decrease marketing time; making your dollar go further for longer.



    FOR YOUR HEALTH


    Want to live healthier? Green building isn't just good for the environment; it's also good for YOU. Sustainable design and technology enhance a resident's overall quality of life by improving air and water quality and reducing noise pollution. According to a 2006 study by the Center of the Built Environment, University of California, green office buildings improve productivity and employee satisfaction in the workplace.

    Continue reading
      1649 Hits
    1649 Hits

    Appraisal Is Art Not Science

    I’ve been reflecting on appraisals lately, and I’m not alone— almost everyone who sells real estate is having appraisal issues. Why? Because appraisals are based on closed sales, appraisers are evaluating the present value based on the past value. If we’re in a declining market, appraisals will be close to the price that the buyer and seller agree on. It’s when we are in a fairly normal or increasing market that we have the issues that many of us face today. You might see this as good news since it could be an indication that the market is normalizing or increasing. From the appraiser’s view it just looks like available comparables can’t justify increasing sales prices.

    There is general acceptance of the notion (believed by many appraisers) that appraisal is a science, not an art (even though you’ll get as many different valuations as you have appraisers on the same property.) Many buyers believe this as well. But consider this scenario:

    There is a 2-bedroom, 1.5-bath house in good condition in a nice neighborhood in a small community within Los Angeles. It has a guest house for which no permit can be found, nor can a permit be found for the half bath. So for appraisal purposes, this is a 2-bedroom, 1-bath house. Because very few properties like this sell in any 3-month period, the only sales comparables that fit this size house are distress sales in poor condition that sold in the range of $350,000 to $450,000. Six months ago, there were a few comparables that sold for $480,000 to $520,000. An appraiser brought in a value of $440,000. Why? Because the “good” comps were too old and the more recent comps were all low, so to his mind that meant that the current value was lower.

    Here are some questions for you:
    Had this appraiser seen all the properties that he used for his research? No, because in the current appraisal business these appraisers are working all over Southern California. The likelihood that they have ever been inside the comparables they use is slim.

    Did he talk to the Realtors who actually did see the properties? Very few appraisers bother to do that.
    Did he listen to the listing agent who met him at the property with comparables? No, because he thinks that appraisers know more than Realtors who are just trying to make a sale. He pretty much said that.

    Why all of a sudden did we have such low comparables? Did the values drop? Again, very few properties of a given size sell in this zip code. By chance, the only three of that size and configuration that sold in the previous 90 days were short sales and foreclosures. The consequence is that regular sellers who own 2-bedroom 1-bath houses are reluctant to sell because the only comparables that appraisers are willing to use are so low. It’s a vicious cycle. One almost feels that that is what some of these appraisers and lenders want to see happen, because it is less risky for prices to be low.

    When prices drop, regular sellers either don’t need or want to sell or can’t because they now owe more than the property is worth. They can’t refinance into a lower interest rate for the same reason. In 2005-2007, if you lost your job you might be able to use your equity line of credit to get by for a month or two. Or you could sell for a profit, move to a less expensive home and rent for awhile until you got on your feet. Today more people are stuck with too much debt and nowhere to turn. For many of these people, it is the same debt they were totally fine with in 2006, but their circumstances have changed. Now their only option is either foreclosure or short sale. And there you have more lower prices.

    But let’s go back to the pure appraisal question. How do you evaluate a property? Wikipedia says: Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value.

    In residential real estate, market value is usually defined as the price that a willing buyer and a willing seller agree upon subject to appraisal if a loan is necessary. If everyone paid cash for property, the situation in real estate today would be much different. We wouldn’t have had the bubble and the resulting crash, for one thing, since they were both caused by unsafe and unsound lending practices.

    Market value is a concept distinct from market price, which is “the price at which one can transact”, while market value is “the true underlying value” according to theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices are not reflective of true underlying market value.
    This is the crux of the matter: the prevailing market prices are not reflective of true underlying market value.
    In San Marino, prices have not dropped. Why? Because most homes there are owned outright. The same is true in parts of Arcadia. Distress sales drive prices down. If no one is in distress, the price doesn’t go down. Why not, when the entire country has been in a housing depression? Because if you aren’t in distress and you can’t get the price you want, you just don’t sell.

    What I am seeing with all the HVCC (Home Valuation Code of Conduct) and other strange rules pretending to establish reasonable rules for evaluating properties is that appraisers are all looking at market prices and defining them as value. If a buyer believes that a house is worth, say, $500,000, because it has all the amenities he feels he should find in a house at that price, why should an appraiser be able to declare that the actual value is only $350,000 because that is what a house of similar size sold for down the street?

    So what does a good appraiser do?
    What does a good Realtor do?
    What is the relationship like between a good appraiser and a good Realtor?
    Continue reading
      2714 Hits
    2714 Hits

    Why I Joined a New Real Estate Office

    In my 22 years practicing the profession of real estate, I have never left one company to go to another. I have worked in companies that were merged or sold, but I have never left by my own decision. Until now. What’s important to know is that I didn’t leave Coldwell Banker because I didn’t like it or was unhappy. CB is a great company and offers many opportunities to its agents to grow and prosper. It’s also safe to belong to a large national corporation. If you work at Coldwell Banker, its long history and good reputation cloak you in respectability. If you work for such a well-known and respected company there is a certain level of professionalism that is automatically conferred upon you in many consumers’ minds. To leave all that was a big step.

    Real estate is a schizophrenic business: it’s very competitive and yet we have to cooperate with each other. A client naturally wants to work with the best professional they can, but how do they determine who that is? That’s why many of us have focused on being number one in our marketplace, working for a company that has the most market share, winning the most awards, etc., so we can assure our clients that we are good enough to earn their business. But there is much more to doing a good job than working in a big company, winning awards and doing a lot of deals.

    I have worked with agents from other companies and seen what they do. I’ve gone to many professional training events with excellent teachers. I’ve networked with other Realtors all over the country as part of our various professional organizations. In the last several years, I’ve coached and trained with a group that has attained the level of a virtual office although we are scattered all over Southern California. We’ve often commented how great it would be to work with each other in a physical office—to work in an office of like-minded professionals. For me, Teles Properties offered the potential for this, plus it’s a small boutique company that is focused on what I care about: providing its agents with research, technology, and marketing. It’s small enough (so far) that I know all the owners, and they know me, but that’s just a nice extra.

    What’s in this for my clients? A fresh approach. A simple, elegant look. A chance to work with a company that focuses on a deep understanding of the market, on the art and practice of real estate, and on where to position the client’s needs and desires to obtain the best result. A company that puts agents in a room together every week to learn more, to share ideas on how to price and market a property for sale and how to obtain and negotiate the best possible deal for the client. This is a company that shares its knowledge and encourages its agents to share theirs so we all get better—a truly cooperative and collegial environment. These are tumultuous times in the real estate world. Making a successful business in the shadow of one of the biggest economic downturns in US history is a real challenge. Teles Properties began in 2007 and has grown from 1 to 4 offices through these chaotic years. I think that’s quite an accomplishment. This company chose to strike out in a fresh, new direction and it is working. That’s what attracted me to it.
    Continue reading
      1244 Hits
    1244 Hits

    Case-Shiller Index Officially Double-Dips--Big Deal!

    Data released this morning by Standard & Poor’s show that the S&P/Case-Shiller national home price index declined by 4.2 percent in the first quarter of 2011, after having fallen 3.6 percent in the fourth quarter of 2010. The national reading hit a new recession low with the first quarter’s data and posted an annual decline of 5.1 percent versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.
    ...From DSNews.com, your Daily Dose of Default Servicing News, May 31, 2011.

    My response is, so what? What does this have to do with your home? What does this have to do with, say, the sale at 2030 Estes Rd in Eagle Rock (closed April 21, the highest sale in Eagle Rock since September, 2009, for $176,000 over asking)? In the first place, this is first-quarter news and we have moved on (and up) from there. In the second place, once again, we have to note that national home prices have little to do with local home prices.

    So why should we care at all about this depressing news?

    Because the common, everyday, not-in-distress, regular, homeowner who wants to move is influenced to wait.

    For what?

    For prices to “get better.” For the market to “improve.”

    I posit that by waiting, homeowners are creating the very problem they seek to avoid. The fewer “regular” sales there are, the more weight is given to “distress” sales, which often sell for a significant discount off market price, which lowers the average sales price, which lowers the comparables that appraisers use to value a home sale, and so on in a self-fulfilling prophesy downward spiral.

    We had 15 offers on 2030 Estes. That means that 14 buyers did not buy a home and went looking for others. Other “regular” sellers missed a bet by not coming on the market right after that. But it’s not too late! Some of those buyers are still out there looking...I know, I’ve seen them at other open houses. Plus there are buyers looking in different price ranges for other kinds of homes. Many buyers know that this is an amazing time to buy. They will pay fair prices for good homes. If you own a home and want to sell it, consider doing it now. Make your own good news and thumb your nose at DSNews and Case-Shiller!
    Continue reading
      1391 Hits
    1391 Hits

    This one is freeway close!

    Only $175k in Highland Park.
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



    Continue reading
      1485 Hits
    1485 Hits

    Everyone is flocking to Teles Pasadena

    Including the ducks! Attracted by our garden and reflecting pool...
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



    Continue reading
      1211 Hits
    1211 Hits

    New listing! 4928 Onteora Way, Eagle Rock

    Tracy King | Teles Properties | (626) 827-9795
    4928 Onteora Way, Eagle Rock, CA
    New listing! OPEN TUES & THUR, MAY 17 & 19, 10-2PM; and SUNDAY, MAY 22, 2-5PM!
    4BR/3+1BA Single Family House
    offered at $849,900
    Year Built 2011
    Sq Footage 3,465
    Bedrooms 4
    Bathrooms 3 full, 1 partial
    Floors 3
    Parking 2 Car garage
    Lot Size 6,098 sqft
    HOA/Maint $0 per month
    DESCRIPTION

    Space, style, and incredible views add up to a fabulous home at the western edge of Eagle Rock. This contemporary-styled newly built multi-level structure has 3465 square feet on an upslope, western-facing 6,098 square-foot lot that captures sunset views from Griffith Park and Glendale to the San Fernando Valley. There is a 2-car detached garage at the street level. Next, enjoy views from the deck accessed by two spacious bedrooms. This level also has a full bathroom and laundry facilities. On the second level you will explore more views off the huge living room, dining room and kitchen space for the Dwell Magazine experience. A powder room completes this level. The third level has a huge master suite complete with walk-in closet, bathroom with a separate shower plumbed for steam and more views. There is also an interior atrium with fire-pit and a media room/family room with its own separate bathroom. One more staircase leads up to the best views of all, another deck, and the yard. Systems are all new and include gas fireplace, stainless steel appliances in the kitchen, gas firepit, central air & heat and a tankless water heater. There are closets on every level providing lots of storage.
    see additional photos below
    PROPERTY FEATURES

    - Central A/C - Central heat - Fireplace
    - High/Vaulted ceiling - Walk-in closet - Living room
    - Office/Den - Dining room - Refrigerator
    - Stove/Oven - Stainless steel appliances - Laundry area - inside
    - Balcony, Deck, or Patio - Yard
    OTHER SPECIAL FEATURES

    - Contemporary-style newly built home in Eagle Rock
    - All new systems including gas fireplace, gas firepit, central air & heat, & a tankless water heater
    - Western views from three levels of decks and patios
    - For more pictures and details visit www.4928Onteora.com
    ADDITIONAL PHOTOS

    4928 Onteora Way
    Living Room
    Kitchen
    Master Bedroom
    Master Bath
    Rooftop Deck/Lawn
    Contact info:
    Tracy King
    Teles Properties
    DRE Lic#01048877
    (626) 827-9795
    For sale by agent/broker
    powered by postlets Equal Opportunity Housing
    Posted: May 16, 2011, 9:36am PDT
    Continue reading
      1741 Hits
    1741 Hits