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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!

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!
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This one is freeway close!

Only $175k in Highland Park.
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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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



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Design Within Reach Pasadena Cocktail Reception

This sounds like a fun design/architecture day:
DWR Pasadena Studio invites you to join us for a cocktail reception following the Pasadena Heritage “Modern Works” Lecture and Bus Tour of Modern Non-Residential Buildings designed by Architects Edward Durell Stone and Smith & Williams in celebration of National Historic Preservation Month.

The day begins at 1:00pm with an illustrated lecture by Alan Hess entitled “Hiding in Plain Sight: Edward Durell Stone and Smith & Williams” and continues with stops at Stone’s Stuart Pharmaceutical Company building, Smith & Williams’ Children’s Chapel nursery school and education building, and other modern, non-residential buildings throughout Pasadena.

Following the last stop on the tour, head to DWR Pasadena Studio to reflect on the day’s events while enjoying wine and cheese and crackers.

Space is limited! For lecture and tour tickets or more information about Pasadena Heritage, please visit our website.

Cocktail reception is open to the general public. Please RSVP to This email address is being protected from spambots. You need JavaScript enabled to view it..

Pasadena Heritage –– Modern Works Cocktail Reception
Saturday, May 21, 2011, 5:30––7:30pm
60 W. Green St.
Pasadena, CA 91105
Phone: 626.432.6700
Directions
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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
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