LA Digs - Northeast LA Real Estate Blog

When we brought 217 Newland Street on the Highland Park real estate market a month ago, it was the cheapest home for sale in all of Highland Park at a price of $299,000. It was also move-in ready, having just been flipped by an investor, and had a new kitchen and bath, central air and heat, new flooring and paint, and fresh landscaping. This caused a lot of excitement with home buyers and we quickly received offers, ending up with 13 total. We closed escrow yesterday with a final sales price of $365,000.

If you would like to know what your home is worth in today's real estate market, give us a call at 626.827.9795 or send us an email!

Property Details:
Listed for $299,000
Sold for $365,000
2 bedrooms, 1 bath
852 sq. ft. on a 2,574 sq. ft. lot
Built in 1895

Now that we have officially closed escrow on this Highland Park home and are in no fear of jinxing anything, I can say - this was one of the smoothest home sales we've had in awhile. We had the magic combination of wonderful sellers, excited buyers, and professional buyers' agents to work with, such a joy! We launched 1503 Nolden Street on to the market in December, right in the midst of the holiday season. Even so, we received multiple offers and started the new year off with a new escrow. We negotiated a final sales price of $637,000 for this three bedroom, three bath home in like-new condition.

Property Details:
Listed for $599,000
Sold for $637,000
3 bedrooms, 3 baths
1,920 sq. ft. on a 7,772 sq. ft. lot
Built in 2005

We brought 5245 La Roda on the market in August and quickly received multiple offers. Unfortunately, the buyers with the winning bid decided not to move forward, so we brought it back on the market - and received multiple offers AGAIN. Today's real estate market is very interesting, and we are seeing these situations over and over. There just are not enough homes for sale to satisfy all the buyers looking! 5245 La Roda is located in a very desirable Eagle Rock neighborhood, and has many original features, including a Batchelder-style fireplace, refinished hardwood floors, many original windows, formal dining room, and a full bath complete with hexagonal tile, pedestal sink, and built-in vanity. Congratulations to the new homeowners, and welcome to the neighborhood!

Property Details:
Listed for $599,000
Sold for $621,000
3 bedrooms, 2 baths
1,732 sq. ft. on a 8,180 sq. ft. lot
Built in 1922

We didn't even get to have an open house at 1727 Upperton Avenue, it sold so quickly!  With one very strong offer, our sellers were ready to make a move.  And it's no surprise the buyers wanted to jump on this one, located in the hills of Highland Park with treetop views and a backyard that begs for an urban gardener, this 1978 built home offers easy living and a charmingly obscure address.  The house has an easy-living floor plan with 3 bedrooms and 2 bathrooms upstairs, downstairs a powder room, living, dining and kitchen areas with a view of the back through sliding glass doors.  Congratulations to the new homeowners!

Property Details:
Listed for $469,000
Sold for $480,000
3 bedrooms, 3 baths
1,530 sq. ft. on a 6,001 sq. ft. lot
Built in 1978

We just closed escrow on this short sale in the hills of Highland Park.  Perched on a hill in Highland Park, 5318 Raber Street has the privacy, views and potential to make a fantastic hideaway in the city.

We brought this sweet 1926-cottage on the market in March, and after receiving multiple offers, put it right into escrow.  It took four months to navigate the short sale process.  We received short sale approval in July and were able to complete the escrow process with a final sales price of $290,000.  We look forward to seeing how the new homeowners transform this house!

If you would like more information on short sales and how they work, email us or give us a call.

4928 Stratford Road is a beautifully restored 1910 Craftsman Bungalow that seamlessly combines vintage charm with modern living. It's character, many upgrades, and prime Highland Park location attracted a lot of attention when we brought it on the market and we received multiple offers.  We closed escrow today with a final sales price of $517,000. Congratulations to the new home owners!

Property Details:
Listed for $449,000
Sold for $517,000 with multiple offers
3 bedrooms, 1 bath
1,092 sq. ft. on a 5,199 sq. ft. lot
Built in 1910

The adage "Pretty Costs More" applies to a number of subjects, but especially to the current real estate market.

Buyers in today’s market are being bombarded on all sides with confusing stories about what a home might be worth, whether it’s a good time to buy, what to look for in a home, and especially whether the market is going up or down from here. What to do?

Many buyers go for looks. Just like a pretty girl gets more attention at the high school dance than the brainiac, a house that looks like it stepped out of Dwell or House Beautiful gets more attention and subsequently more money than the house with good bones, solid construction, but tired or out-of-date bathrooms and kitchen.

One example of the pretty theory: a 3-bedroom, 2-bath house in Highland Park recently came on the market for $379,000. It was a trust sale and the house needed a lot of work.  So the agent had inspections done, had the sellers clean, paint, and stage it, and hoped to get a few offers and a bit more than the asking price. Perhaps you saw it on the front page of the Los Angeles Times.  This property captured the attention of the media because it was cute and charming -- and at a great price. The paint and staging brought out the unique character of the home and buyers came running.  Seventy-three (yes, 73!) offers later, the property ended up selling for $542,000.  And that was even after the agent provided to all prospective buyers disclosures and inspection reports that showed the house needed lots of work, including foundation, electrical, plumbing.  Basically all the expensive, not fun items that make for a smooth-running, low-maintenance home.

Here’s another example: a cute little 2-bedroom, 1-bath cottage in Eagle Rock was listed for $419,000. At the time (the start of the spring buying season), it seemed like a reasonable price for a small house in a good but not the best part of Eagle Rock. Seventeen offers later, the house sold for $505,000 cash. This was an investor flip and all the investor did was polish it up a little -- new kitchen counters and a dishwasher, refinished the hardwood floors, painted and landscaped. The inspections showed that the chimney was completely unusable, the HVAC was at the end of its life, and the sewer line was invaded by roots to the extent that the camera couldn’t get through the whole line. No matter, the buyers were happy that they were able to buy the charming home.

The perfect example of how pretty is worth more is 2035 Ridgeview Avenue, which was perfectly updated and exquisite, but only 1353 square feet. We came on the market at $649,000, which was what the sellers had paid for it in 2006 before putting about $200,000 into in, and we ultimately sold it for $760,000, the highest price per square foot for a home sale in Eagle Rock since 2007.

The final example is where all the factors came together at the perfect time: a good 1920s house on a large lot with views, a wonderful private setting, a tastefully updated floor plan, and a seller who did everything the stager dictated. We priced it at $699,000 because that was a number the seller could live with, and at our first open house we were asked by some people why it was priced so high. There were no comparables for a house that size in that location, but the house had such emotional appeal that we ended up with 23 offers and the property ultimately sold for $865,000.

On the other hand, there are a couple of good solid homes in good locations that are currently sitting on the market. We priced them $80,000 to $100,000 less than the prettiest listings, and we have no offers. These are properties that a buyer could put their own designer touches to and have great properties for less money, but buyers obviously don’t see it that way. Why?

Buyers have no imagination. If it isn’t gorgeous already, they don’t see the potential. Sorry, buyers, this sounds harsh, but I have seen it time after time.

In today’s market, the pretty houses that are well-priced are going for more in multiple offers. If you are a buyer, tired of losing out in the intense competition, what can you do?

• Find some more money and offer more on the next one.


• Look for properties that have several good features, see if the ones you don’t like are ones that you could improve yourself, and make an offer.


• Give up and stay where you are.

Another option that I have seen many people try is to keep looking, thinking they will surely find that needle in a haystack, that great house that nobody else has seen that is in a great neighborhood, has a great price, and is really charming and pretty besides. If this is the option you are pursuing, maybe you should ask yourself if you really want to buy a home right now, or do you just think you do.  This is the subject of another article that is coming up soon, so stay tuned.

We just handed our buyer the keys to 5611 Meridian Street in Highland Park today.  She is thrilled to move in to this updated bungalow with 2 bedrooms, 1 bath, and a cute back yard, perfect for entertaining.  Other features of this home include remodeled kitchen and bath, all new appliances, updated electrical, retrofitted plumbing, reinforced and bolted foundation, plus a brand new tank-less water heater.  Plus, our buyer is now walking distance to the new Fusion Burger and Maximiliano!  What a great deal!

Are you looking for a home to buy?  We'd be happy to help you get a great home in the area.  Call us at 323.243.1234 to set up a time to meet and discuss your needs.

Property Details:
Listed for $349,000
Sold for $362,500
2 bedrooms, 1 bath
842 sq. ft. on a 3,775 sq. ft. lot
Built in 1941 (completely renovated throughout)

Listing courtesy of Jennifer Lipscomb, Keller Williams

 

 

This beautiful Craftsman bungalow was snapped up quickly in multiple offers when we brought it on the market in December. Features of 5921 Annan Way include hardwood floors throughout, remodeled kitchen and bath, updated systems, and a serene deck in the back yard. We just handed the keys over to the lucky buyer, and she is excited to move in. Congratulations to our sellers and the new home owner!

Property Details:
Listed for $429,00
Sold for $408,000
2 bedrooms, 1 bath
1,020 sq. ft. on a 3,840 sq. ft lot
Built in 1911

This darling renovated cottage in the hills of Highland Park is officially sold! 6202 St Albans Street is a tiny one, but full of character. Features include views across Highland Park, a large back yard with planter boxes, remodeled kitchen and bath, and new floors and paint throughout. We received multiple offers and reached a final sales price of $368,000. Congratulations to the buyers!

Property Details:
Listed for $349,900
Sold for $368,000
2 bedrooms, 1 bath
951 sq. ft. on a 5,175 sq. ft. lot
Built in 1921

Here are all the single family home sales in Highland Park 90042 from this November.  The high sales price was $630,000 (compared to $680,000 in October), the low sales price was $210,000 (up from $175,000 in October), and there was a median sales price of $360,000 (down from $405,000 in October).

Also check out the November home sales for Eagle Rock and Glassell Park/Mount Washington.

You can see what Highland Park homes sold in October here.

Here are the closed sales during the month of October in Highland Park*:


Here's what you need to know about these numbers:

• In October 2010 there were 18 sales, same as this month.


• The average sales price in October 2010 was $357,028 (compared with $394,506 this year, an increase of 10%)


• In October 2010 there were 10 distressed sales - five short sales, five bank-owned sales.  In October 2011 that was reduced to 8 distressed sales - two short sales and six bank-owned.   That's a reduction of 11% in distressed sales.

*Single-family home sales in the 90042 zip code only.