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Market Update for Eagle Rock and Highland Park October, 2010

As everyone knows, the last three years have been a roller coaster ride for real estate prices all over the country. In Eagle Rock (zip 90041) and in Highland Park (90042), the average price of single family homes that sold went down over 50% between the peak of the market in January, 2008, and the depths of the recession in March of 2009. Wow. Keep in mind that this doesn’t mean that the value of your individual home necessarily went down 50%, but if you bought your home in January of 2008, you probably would not be able to sell your home for what you paid for it either in 2009 or today. 

Since the so-called “bottom” of the market in March, 2009, we have seen an overall beginning recovery of prices so that as of August of this year, the average sale price in Eagle Rock was up over 27% and in Highland Park over 15%, even accounting for the slowdown that happened after the first-time buyer tax credit expired at the end of April. It felt kind of like home buyers all decided to take a long summer vacation, but about half the current pending sales have opened escrow since September 1, probably due to the most breathtakingly low interest rates we have seen in our lifetime (at least since 1955). Sales prices in 90042 so far this year have averaged both for list and sales price about $337,000. In 90041 Eagle Rock, the averages have been $454,000 list price and $457,000 sale price. Since the 90042 zip code is much larger than 90041, more than twice as many homes have sold there.

If you are new to Eagle Rock and Highland Park, you will love the eclectic mix of older character homes dating from the Arts and Crafts era of the early 1900s to the interesting midcentury moderns that often look out over stunning views of the Verdugo Mountains to the north and downtown Los Angeles to the south. There are traditional, Spanish-style and newer homes scattered through the mix as well. Truly something for everyone. You can purchase a small foreclosure for as little as $300,000, even less in some places, but expect to compete with investors who can pay cash. The highest sales prices so far this year in 90042 for a single-family home was $801,000 in Highland Park for an architect-designed contemporary with 275 degree views and $888,000 for an unusual Zen-influenced home with guest house on a wonderful private garden lot in Mt. Washington. In Eagle Rock, it was $876,000 for a remodeled older home-turned contemporary that also boasted amazing panoramic views. 

The people of Eagle Rock and Highland Park are as diverse and interesting as the housing is. From long-time residents who were born and went to school here to the recent migration of renters from Silverlake, Echo Park and Los Feliz to purchase their first homes in our residential neighborhoods, everyone gets along pretty well and is generally devoted to this vibrant community. You will find a huge number of artists alongside many professionals who work downtown and love the relatively short commute. You will also find a growing number of family-owned places to eat and drink and shop that cater to just about every taste. The recession was a setback, but the positive spirit of our community is irrepressible. Welcome to Northeast Los Angeles!
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