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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!

Saving Your Wooden Windows

If you don't plan to be dancing in the streets all evening on Tuesday, January 20, you might want to go to the Eagle Rock Valley Historical Society meeting and learn about saving your wooden windows. Ed Sanchez of Window Restoration and Repair, Inc, will tell you how to avoid replacing your stuck, leaky windows. The meeting is at 7 pm at the Center for the Arts, Eagle Rock, at 2225 Colorado Blvd, 90041. The Eagle Rock Historical Society is a wonderful organization and deserves your support. They have a website: http://eaglerockhistory.org.

If I weren't going to be celebrating the Presidential Inauguration, I would definitely be at the meeting. I'm hoping I can find someone who will take notes, or perhaps Mr. Sanchez will be able to do his presentation again somewhere. thumb_window2

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How did Eagle Rock Real Estate do in the last couple of years?

Market Update Eagle Rock 90041

At last we have a Multiple Listing Service that has all the listings in one place, no matter what far-flung MLS an agent might put a listing in. So our sales data are now much more complete and, boy, is it interesting. The following table is a sales overview comparing 2007 to 2008:eagle-rock-sales-2007-to-20083
Eagle Rock followed the news of the day pretty faithfully in that the prices and number of sales dropped a bunch from the second half of 2007. But there are many stories in the details. Look how the number of units sold went down from 2007 through the first half of 2008, but then picked up again. Why? Because the prices continued to drop. This indicates to me that Eagle Rock reached a bottom, at which buyers were seeing value in the market and going for it. Does that mean that prices are going to bounce back up? I don't think so. One expert said that this market cycle is not like a "V" shape, but rather like an "L," where we are in a bottom that stays down flat for some time.

Comparing the two years, you see that 9% fewer units sold in 2008 than in 2007. But if you look at the highest 6 months which were the first half of 2007, compared with the lowest 6 months which were the last half of 2008, you have 12% fewer sold. The lowest price home sold was actually 50% lower in 2008 than in 2007! And the highest price sold was 25% less than in 2007. More indicative numbers were the 19% and 20% drops in the median and average prices. Does that mean the value of your home dropped 20% in the last year? Maybe, maybe not. The really good, well-done homes have maybe only dropped 10%, maybe even less. Because we live in a community of individual, more or less custom homes, it's very tricky to try to generalize.

More facts: 27 of the homes sold in 2008 were REOs or foreclosures, and most of them were in the lower-priced half of the sales. 22% of the homes sold in 2008 were REO, and I'd say that's a significant number for our little town of Eagle Rock.

7% of the homes sold were short sales, while 10% were trusts or probates. So almost 40% of the homes sold in Eagle Rock last year were not "regular" sales. Another way of looking at that is that 60% were "regular" sales.

What about now, 2009? So glad you asked. Of the 43 single family homes active on the market today, 15 are short sales, 9 are REOs, and none are trust sales. That's 35% short sales, 21% REOs over half the properties on the market are distress sales! 28 properties are now in escrow of which 11 are short sales, 8 are REOs, and 2 are trust sales. Percentages again are 39% short sales, 29% are REOS, and only 7% are trust sales, with all of 25% of them regular sales. Again, well over half are distress sales.

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Fresh and Easy Donating to Local Groups

Love it or hate it, Fresh and Easy has been taking Southern California by storm.  In the last year Tesco has opened over 30 Fresh and Easy locations in the Los Angeles area offering "a simple shopping experience with everything you need right in the neighborhood."

Besides budget prices for quality products, Fresh and Easy is also billing itself as the "good neighbor," recruiting from the local area and using low-energy lighting and equipment.

As part of being a good neighbor, Fresh and Easy is offering a $1,000 donation to a group from the neighborhood where a store is being opened or celebrating its one-year anniversary.  Anyone from the neigbhorhood can nominate a group on the Fresh and Easy website, which you can reach by clicking here.  Recent donations include high school football teams, children's theater groups, and wildlife organizations.

Here is what Fresh and Easy says:

"When we first opened your store, we invited you and your neighbors to nominate a non-profit group from the local community. From these nominations, the store staff selected a charity to receive a $1,000 donation.

We do this with every store we open because we care about our neighborhoods and the people who live there.

As stores reach their one-year anniversary, we are doing it again. Anyone can nominate a local neighborhood group and the store will decide who receives another donation. It is just another way for us to say "thank you" for your support."

Do you know of a group in the Eagle Rock/Highland Park/Glassell Park area that could use $1,000?  Go online and take advantage of Fresh and Easy's good neighbor policy!

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1741 Hits

Eagle Rock Talk

Eagle Rock CA in a podcastEagle Rock Talk is a website you should have on your desktop. Apryl Lundsten and Laurel Moglen, a couple of talented local women, have been podcasting stories about people, businesses, and newsworthy items in and around Eagle Rock since October, 2006. They have done this on their own and it's a friendly, open forum for everything you can think of around Eagle Rock. Most of the subjects they've discussed can be accessed from the site. You can listen to old podcasts, read neighborhood news, blast off your opinion on the latest business that's trying to open. Another big asset they offer is links to more and more local businesses. So far, this is as good as it is for finding out what's around Eagle Rock for retail. And this is how I found out about Orecul77.

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This is the best business model for this economy!

For the People by the People
For the People by the People

Orecul77 is a new shop in Highland Park that offers several ways to be green by recycling, reusing, and especially reimagining the clothing that we already have. Tawny Lucero's unusual boutique is now open and ready for business. In every aspect of buy local, this is a great place. Tawny is local, she deals with local craftspeople, and her shop is close to everything on the York Blvd you also love like The York Pub, Johnny's and Marty's.

Still love that gray sweater but you spilled wine on it and can't get the stain out? Tawny will figure out a way to cover it up stylishly. Still love those jeans but they are so threadbare they are about to reveal way too much? She can help you re-engineer your own clothes, or you can buy something off the rack that she has created out of other clothes. What a unique idea!

You can donate old clothes and what she doesn't use she'll take to a homeless shelter. You can also shop for other cool items that are for sale on consignment, made by local artisans. There are bags, jewelry, craft items galore. Tawny also plans to have a story telling night on January 22 starting at 7 pm. It sounds unusual, but with some "bring your own" snacks and wine, who knows what creative tales may unwind?

Check it out at Orecul77, 5159 York Blvd, Highland Park 90042. Call her at 323-254-2600 for hours and more info.

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1570 Hits