"Pillarhenge", as it is unaffectionately known by Eagle Rockers, is the hot topic at the next Neighborhood Council meeting.

On the agenda for tonight's Eagle Rock Neighborhood Council meeting is a presentation from the developers of 1332 Colorado, known locally as "Pillarhenge," the empty concrete-columned lot at the eastern end of Eagle Rock (by the onramp to the 134 freeway, Found Coffee, and Craft Beer Cellar).

The developers will talk about the project they'd like to build, which is a 26-unit mixed use residential building, with commercial spaces on the ground floor, two affordable very-low-income units, and green space and parking for residents.

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The developers are asking the city for permission to increase the building floor area allowed for the narrow lot, so we'll hear all about their rationale for that, as well as the details of the density bonus that comes along with the affordable units.

If you can't make the meeting, the ERNC has put the full application online for you to read - you can check it out at this link.

The meeting is tonight at 7pm at Eagle Rock City Hall (2035 Colorado Blvd).

This home in Eagle Rock is located at 5333 Waldo Place.

Sold for $949,000
2 bedrooms, 2 baths
1,786 sq. ft. on a 7,510 sq. ft. lot
Built in 1960

If you are thinking of making a move, give us a call to discuss a strategy to achieve your goals in today's real estate market.

Here’s my take on this report:

Median price means half the properties sold for more than this number and half sold for less than this number. Is it meaningful? Figure this out (all concerning the month of July only):

3 of the sales this year were for more than the highest sale last year

But what is truly noteworthy about this year over last year is:

The number of active listings is over 40% fewer
The number of properties pending sale is 150% more
The percent of properties under contract compared to what is on the market is over 330% more!

The market is much more active right now. Why? We can say it’s low interest rates and that there is a perception that we are truly at the bottom, but we had the same factors going last year. The economic news isn’t much better, in fact, a number of homeowners have decided to sell because the future holds no promise that the picture will improve in the next couple of years. I think the true meaning is that buyers are buying homes to live in because everyone has to live somewhere and many people do not want to rent, and sellers can sell in this market if their homes are priced right.

Celebrating Eagle Rock’s 100th year, the free fireworks display at Eagle Rock Park brought the community together with a big lovely bang. It seemed like the whole town turned out--we had to park many blocks away and hike in to the park. Ronny and the Classics played some good old Rock and Roll. There were booths staffed by the various Eagle Rock civic groups from TERA to the Chamber of Commerce to the Eagle Rock High Boosters. Classic cars parked on the field provided more browsing opportunities. There were food booths for everything from funnel cakes and kettle corn to Chinese food. We had some very tasty Argentinian grilled sausages spiced with ChimmiChurri sauce served in a roll with fresh salad and rice.

The weather couldn’t have been better: not too hot yet clear and balmy.

The crowd was mellow and friendly with lots of kids, lots of families. We all oohed and aahed at the fireworks which were at least 15 minutes of colors and swizzles and sparklers and booms. The crowd cheered and celebrated and then we all walked back to our cars. Happy 3rd of July, Eagle Rockers!

How did Eagle Rock do with distressed property sales this year? It’s interesting. In 2009, there were 118 sales of which 17 were short sales (15%) and 45 were foreclosures (38%); so a total of 53% of all sales were distressed. The average sales price was $446,000.

In 2010, we had 22% short sales (28) and only 12% (16) foreclosures of the 130 sales recorded (according to the itech Multiple Listing Service).  So 34% of all sales were distressed properties. The average sales price was $468,000. It’s good to see an improvement, but we certainly haven’t “bounced back” as many hoped that we would.

A big difference is that there were a lot more foreclosure sales in 2009 than in 2010. I credit the increase in short sales and resultant decrease in foreclosure sales to the change in lenders policies toward short sales. They became much more amenable to granting short sales.  I closed more short sales this year (3) than the year before (0), all of them listings.

It looks like we are doing a bit better in 2010 with somewhat more sales and higher average sales prices as well as fewer distressed properties sold overall. Another way to say it is that 66% of sales in 2010 were “regular” sales as opposed to 47% in 2009. It’s interesting to note, however, that the highest sales price in 2009 was over $200,000 higher than the highest in 2010. In my opinion, the reason there were more distressed sales in 2009 than regular sales was more because “regular” sellers wanted to wait out the downturn and sell later when the market recovered.  This year, some of those people either couldn’t or decided not to wait any longer to sell. Price is of key importance, as well as the perceived desirability of the property for sale.  Buyers are not as reluctant to make offers much lower than the asking price today, which is helpful when they are sincere offers that can be negotiated up. One of my sales this year started off with a $165,000 difference in offer vs. list price, and we eventually ended up at $65,000 less than asking.  With no predictions or indications of a quick return to prosperity in 2011, it will be interesting to see how sellers and buyers deal with that. I have noticed that the uptick in interest rates has encouraged an end-of-the-year flurry of business.

Lots of interesting things going on in the market this week! Let's go through it quickly so you can get the scoop and get on with your weekend:

1. Did you see the "brand new hillside architectural live/work space" at 3126 Verdugo Place in Glassell Park? We saw it on caravan last week, and it's a cool property with FANTASTIC views and a neat rooftop deck with hookups for a jacuzzi. It was listed for $649,00, which is a great price for the property but I wasn't sure the neighborhood would stand up to a price that high. Well, looking at the MLS hot sheet this morning I see that Verdugo Place is in escrow - which is GREAT news for the neighborhood! We don't know what price it's in escrow at, but I'm hoping they got close to asking - or more!

2. There's a very cute little neighborhood (called "Floristan Heights" on title) located south of Colorado Blvd, off of Townsend Avenue, and it is filled with cute little houses (I know because I happen to live in this area!). And one of those cute little houses just recorded as sold in the MLS (Multiple Listing Service) for a tidy sum of $515,000. 1576 Glen Aylsa is a 3 bedroom, 2 bath and was recently renovated. It was originally listed for $490,000. This is more great news for this particular neighborhood - things are selling if priced right. It's not all doom and gloom around here!

3. We saw some really great properties on caravan yesterday, and we want you to buy one! Here's a quick peek:




5500 Nordyke Street, Highland Park: Wow, what a view! This 3 bedroom, 3 bath home sits on a 0.59 acre lot, obviously with fantastic views. It's clean and updated and ready for you to move in and escape from the rest of the city on your private hill. It's in a great neighborhood in Highland Park, tucked away almost to Eagle Rock. Listed for $499,000.




2652 Saxon Drive, Eagle Rock: This house has a ton of space, although it may not look like it from the outside. Four bedrooms, two baths in 1,700 SF, all sitting on a 3,060 SF corner lot. It's another Better Shelter flip, so it's done up all nice and pretty and ready for you to settle in. Another one that is tucked away in a nice neighborhood, and it has Eagle Rock schools, so even better. Also listed for $499,000.




1517 Avenue 47, Highland P ark: I love, love, love this property. I saw it when it was on the market as a distress sale, and I love what Elemental Homes (another fix-and-flip company) did. The front house has two bedrooms, two baths and a open, airy floor plan. The back house has two bedrooms, 1 bath. The deck in the back of the front house is amazing. It's all amazing. If I could buy it, I would! Amazingly, it is ALSO listed for $499,000! What a deal.

Alright, three great properties for you to consider. If you are interested and want to see one of them, give me a call at 323.243.1234. Or shoot me an email at keelymyres[at]gmail[dot]com. Tracy is taking off to Peru in the morning for a little adventure, so I'm in charge - don't hesitate to get in touch if you have any questions/comments.

That's it for now, have a great weekend!

Dainty Spanish cottage features 2 bedrooms plus a den, decorative Batchelder-style fireplace in the living room, hardwood floors, inside laundry. Drought-tolerant landscaped front yard, raised vegetable garden in the back, covered patio, detached 1-car garage. Move-in ready with vented microwave in the kitchen, copper plumbing, newer drain & sewer lines, updated electrical, 5-year old roof. Driveway, shared with neighbor, was recently upgraded. Located near Occidental College and North of the happening York Blvd scene of Cafe de Leche, The York, art galleries, unique shops and Do It Best Hardware.  Listed for $349,000.

Open Houses:
October 26, 10-2
October 28, 10-2
October 31, 1-4
November 7, 1-4

Stop by and take a look!

For more pictures and information visit www.1560Hazelwood.com.  If you have any questions or would like to schedule a private showing, please call us at 626.844.2211.

Alright, folks, here's this month's newsletter:

October Newsletter

In this issue, you will find:

• Market Update for Eagle Rock


• All you ever wanted to know about chimney care!


• Linoleum, a misunderstood flooring option


• Oh, Great Swami, Answer Me This... in which I respond to my most asked question


• Arroyo Arts Tour Information


• My Recent Activity

Comments? Questions? Anything you want to see more of?  Shoot me an email to tracy[at]tracyking[dot]com, give me a call at 626.844.2256, or comment below!

1202 Kipling Avenue is our bright, light and airy new listing in Eagle Rock. Located north of Colorado Boulevard, Kipling is an updated traditional with 3 bedrooms and 2 full baths. Inside you'll find spacious rooms, slate and bamboo floors, central air and heat, updated electrical system and copper plumbing. The open floor plan is destined for entertaining!

Enjoy outdoor dining on the deck off the kitchen/dining area. The landscaped back yard is completely fenced.

Eagle Rock schools include Dahlia Heights Elementary (according to LAUSD School Finder). Easy distance to Eagle Rock Recreational Center and park, Old Town Pasadena, and freeways to further destinations.

Specs: Listed for $549,000. Built in 1948. 2,086 SF on a 5,009 SF lot.

For more pictures, visit www.1202Kipling.com.

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!

Tomorrow, October 2, is the 12th annual Eagle Rock Music Festival!  From 4pm to 11pm Colorado Blvd. will be shut down and people will be roaming the streets listening to great music. 

The festival is set up on Colorado Boulevard between Eagle Rock Boulevard and Argus Drive.  There will be free parking and a shuttle service at the Eagle Rock Plaza.

There is a suggested donation of $5, but no one will be turned away.

This is a great Eagle Rock event, and I hope you make it out there!  For up to date information, including a list of bands and set times, visit Center for the Arts.

There must be something positive going on! But what?

Well, there are a few things.

1. Interest rates are the lowest since 1971, according to Freddie Mac. There is a lot of variation depending on whether you are purchasing or refinancing a property, have a conforming or a jumbo loan, have a 30-year fixed or an adjustable, have good credit or excellent—but some people report obtaining less than 4.5% for a conforming ($417,000 or less) loan.


2. More sellers have more reasonable expectations now.


3. The number of days on market for homes that sell has dropped slightly in Los Angeles (according to www.happyrenews.com).


4. Although everyone was disappointed to hear that closed sales of homes dropped 27% in July, those that went "pending" (real estate language for removing all contingencies in escrow) actually increased by 5% over the previous month. http://articles.latimes.com/2010/sep/02/business/la-fi-pending-home-sales-20100903 .

Still the question I am asked most often is “When do you think prices will go up?” Come on, guys! If I knew the answer to that I’d have also known the answer to the question “When will the bubble burst?” and “What’s the secret to making $1 million in a year?” My answer to you is if you are contemplating making a real estate move, don’t try to time the market. You will never know where a bottom or a peak is until it’s past.  In my experience, people who are clear about why they need to make a move generally have a better  experience than people who can’t make up their minds or want to get the very last penny they can when they sell or the very best deal when they buy.

We don’t know right now if we will have a “double dip” recession, if prices will go up or down in the next few years. If you make your plans to buy or sell based on what you guess the market will do, you are avoiding the real issue. People generally move for more personal reasons like changes in their employment, family, health, and lifestyle – and if you  keep this in mind while you contemplate your real estate decisions you will most likely end up in a better situation to suit your needs.

By now, we all know that lead is not-so-good for our general health.  Unfortunately, the U.S. did not ban the use of lead-based paint until 1978.  This means that hundreds of thousands of homes still contain lead paint, and when these older homes need remodeling, the lead can be released into the air, soil, and water it contacts.

Finally, on April 22, Earth Day, of 2008, the Environmental Protection Agency issued a rule that requires lead safe practices by contractors who perform any renovation or repair projects that disturb lead-based paint in home, child-care facilities, and schools built before 1978.  No longer can a contractor just go in to a home and start demo work, or even just sanding, without being certified and following specific work practices to prevent lead contamination.

A little background on lead -- did you know that some scientists believe that the lead used in some ceramic glazes and in the water pipes helped destroy the Roman Empire? Yes, the long term effects of lead poisoning leads to decreased bone and muscle growth, damage to the nervous system, kidneys, hearing, seizures and unconsciousness in children. In adults, effects can include everything from fatigue to infertility, anemia, high blood pressure, and dyspepsia. In general, lead poisoning makes humans sickly and weak, and therefore easily conquered.

If every one of us were all-knowing and filled purely with concern for humanity, we wouldn’t need government intervention. But consider the banning of the use of lead in paints. Did you know that some nations in Europe banned lead-based paint in the 1920’s to protect painters? Meanwhile, the U.S. government endorsed the use of lead in paint because it helped make paint more washable, thereby allowing homes to be cleaner and reduce the incidence of infectious disease. There is a lot written about how in the 1950s scientists found lead in paint to be the cause of lead poisoning among children who lived in poorly maintained homes (with peeling paint).

So, while even more regulations on how you can work on your own home can be annoying,  one of the most important jobs a government can do is to protect you from things that you can’t see.

For the complete information on the rule and the certification and regulation of professionals, go to www.epa.gov/lead/pubs/renovation.htm.

For those who haven't gotten my monthly newsletter via email or snail mail (email me at tracy [at] tracyking [d0t] com if you'd like to be on the list!), here's the link to the September issue:

TracyTalk September 2010

In this month's issue, you'll get the lowdown on:

- Foreclosures that didn't have to happen
- Fannie Mae HomePath explained
- Joys of Home Ownership: Termite Edition
- What is Strategic Default?
- Eagle Rock Music Festival
- My Fundraiser for the Animals Re-Cap

Please feel free print it out or to forward it to any one whom you think might be interested.