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Tracy King's Blog

Market Update for Eagle Rock and Highland Park

Market Update for Eagle Rock, 90041 and Highland Park, 90042

If you are looking today for property to buy in our little corner of Los Angeles, you knowthe pickings are getting pretty slim. What's going on? The light finally switched on for those who qualify for the first time buyer tax credit and it shone on the November 30 deadline looming ahead. Whoops! If escrows take 30-60 days to close, it's time! Well, folks, the sellers are not interested in your tax credit. They are beginning to have hopes that prices will go up. The inventory has dropped, prices appear to be firming up a bit, and there is nothing much to buy. In the last couple of weeks, many of the relatively inexpensive properties have gone into escrow.

Many fence-sitting buyers are still convinced that the floodgates are about to open and foreclosures are going to be dumped on the market. We all have been talking down the intelligence of the banks and the people who work in them, but actually a few of them have some sense. My theory is that the banks are going to feed these cheap foreclosures out to us a bit at a time and let them get snapped up with all-cash-over-asking-price bids clear into the recovery. And we are seeing some recovery.

Look at this graph showing sales over the last 4 years through August 09 in Eagle Rock (90041)

Eagle Rock 2005-2009

Eagle Rock 2005-2009

The Average Sold Price for 8/09 was $429,000 (14 sold) and the average for 9/09 was $573,000 (7 sold. Thanks in part to my $1.1 million sale). And for Highland Park (90042):<

Highland Park

Highland Park

The average price for Highland Park in 8/09 was $319,000 (14 sold) and 9/09 was 306,000 (32 sold).

The bottom feeders have sucked up the debris here. What to do? Be patient, don't have your heart set on the tax credit, and really get your priorities in order about buying property. And, hey, sellers! Call me! I have some good buyers!

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