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323-243-1234

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keely.myres@compass.com
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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!

Does your property qualify for a tax reduction?

Many of us are dealing with the fact that our real estate is worth less than it was. Good news! For those of us who own property that is worth less than its current assessed value, we can apply for a temporary tax reduction. In 1978, California voters passed Proposition 8, which allowed for this. All the details can be seen at at the County Assessor's website, or from right here: decline-in-value-form.  An application can be requested by calling 888-807-2111. You have until December 31, 2008, to file the form. Here's the press release from the Assessor: Press Release.

Note that we are talking about the assessed value, which you can see on your Annual Property Tax Information Statement at the bottom of the upper portion, not an appraised value or the fact that it might be worth less than what you currently owe on the property. Also, the property value is assessed as of January 1, 2008. Note that the biggest reduction in value in many areas has happened since that time, so the tax reduction may not be nearly as much as you might hope for or imagine. I asked someone who works for the Assessor if we can file again next year for a further decline in value even if we get one this year, and I was told yes. So don't despair, but you'll have to be patient, because you may not see much of a reduction until next year.

If you purchased a single family home or condominium between July 1, 2004, and June 30, 2007, you were already evaluated for a tax reduction and were notified in October if you qualified for one. If you don't agree with the findings, you can appeal. Start the process by calling your local Assessor's District Office. You have to file an appeal by November 30, so you'd better get on this.

If you purchased your real property before or after those times, or you own something other than a single family home or condo, you can download the Decline-in-Value form from the Assessor's website. To establish the value of your property, you can search on the Assessor's website, or as a public service, you can contact me and I will help you if I can. Be sure to read the press release on the Assessor's website, they warn of people who charge hundreds of dollars to help you. Now I'm not going to fill out the form for you - that's your responsibility, but even the Assessor says it's really easy.

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Monday's Deal of the Day

I have a new listing at 4823 Brayton Place, Eagle Rock, 90041. Listed for $499,000, this is a 1985 built, 3 bedroom, 2 full bath home with a separate studio over the garage and a bonus finished space under the main house. There is deferred maintenance, lots of steps, and good bones. Located on a cul-de-sac just across from the Eagle Rock Community Garden at Lanark Park, this is a huge opportunity for the buyer on a limited budget to buy into Eagle Rock and have a good amount of space for under $500,000. There are tree-top views, a huge deck great for entertaining, a secluded location, and easy access to everywhere. You are just over the Pasadena border, close to Eagle Rock's post office, the Eagle Rock Scenic Hiking Trail and the Neutra-designed Eagle Rock Recreation Center. We're holding this open on Tuesday, November 4, from 9:30-1, and the sellers do not want weekend open houses, so hurry on by, then go vote.

Listed for $499,000

Listed for $499,000

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Urgent Holiday Planning Alert

This is your last chance to order a wonderfully fresh Christmas tree and benefit the Eagle Rock High School Tennis Team at the same time. And, if you live in or near Eagle Rock, you can have your tree delivered for free! Orders must be in by November 3, that's Monday. Don't forget!
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Neighborhood Highlight

I read this article in the Los Angeles Times and thought it would be a great idea to highlight the wonderful neighborhood of Hermon. Situated in a half square-mile in between the Arroyo Seco, Monterey Hills, and South Pasadena, Hermon has been a part of Los Angeles since 1912 but has maintained its own identity.

Originally a college community, built around Los Angeles Pacific College, Hermon went into decline in the 1970s and 1980s once the school merged with Azusa Pacific University. However, the neighborhood is currently undergoing a renaissance, with new businesses moving in, old houses being remodeled, and a cleaned-up public space near the Arroyo.

Bungalows and cottages predominate, but Hermon's 1,100 homes include Spanish, Craftsman and contemporary styles.

While the neighborhood is small and can be seen as lacking in businesses, residents have organized and are working towards creating a charming tight-knit community. There are plans to protect public space and add more local businesses to the area.

The Hermon Dog Park was established in July, 2005, and has its own website, http://www.hermondogpark.com. Run by a dedicated group of volunteers, this dog park seeks to be more than just a place where dogs can run and play safely, but a community that helps place dogs for adoption, encourage dog training efforts, and teach responsible pet ownership.

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Propportunity is Everywhere!

I was talking to some of my Realtor friends this morning and heard about some killer deals all around Los Angeles county.

1. El Segundo: Upgraded with care, this bright interior unit in the Pacific Sands complex is a spacious one level with 2 BR/1BA in 1112 sq. ft. It proudly offers new soundproof windows and doors, a new ventilation system, new appliances in newly tiled kitchen, smooth ceilings, a combination of new carpets and tile floors, and new paint! The balcony overlooks the pond, pool and palm trees. Low HODs. FHA approved complex. Conveniently located near the beach and LAX. El Segundo schools. Price? Only $360,000! Wow!

2. Long Beach:Executive Living in the Aqua West Tower of Downtown Ocean Blvd. Two Master suites in this unit have marble in bathrooms, slate and granite in kitchen. Private Enclosed Garage plus 2nd space adjacent to garage. You must see the amenities to appreciate this unit and building. Balcony overlooks Performing Arts Center and Convention Center just a brief walk downstairs. Gymnasium, Business Center, Sauna, 2 Swimming Pools and spas, observation deck, full kitchen in recreation lounge, private business meeting rooms. UNIT 201. Seller to credit 2.5 points with full price offer. Not a short sale! $459,900.

3. Eagle Rock:Fannie Mae owned bungalow near Occidental College in Eagle Rock. Very cute, low maintenance, your basic condo alternative. Seller plans to make some repairs. Property is 2/1 with a carport and a fenced (practically no) yard, very close to everything but off the main thoroughfare. $335,000!

None of these are my listings, so call me or email me for more info and I'll either be glad to represent you or to refer your Realtor to the listing agent.

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