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!
Well, I now see that we should definitely undergo the loan process in some manner right now, because no matter how excruciating we find the process to be when we represent our clients, it is about 100 times more excruciating when we have to go through it ourselves.
Let's look at some numbers on this beautiful almost Spring morning:
We have a very energetic market in Northeast Los Angeles. In Eagle Rock 90041 since the beginning of the year, almost as many properties have closed escrow as have been listed. When you add in pending sales, you can see that we are quickly selling off the inventory. The sales numbers are moving almost as strongly in the other two zip codes which include all of Highland Park, Glassell Park, Mount Washington and Sagamore Park. At this rate, low inventories could continue throughout this year. Since this is a supply and demand business, if the demand keeps up at this rate, we will continue to have multiple offers and some increase in prices.
From the Combined LA/Westside Multiple Listing Service
The questions are:
Will the demand keep up?
Are first-time buyers driving the market?
Will they put on the brakes when the tax credit goes away on April 30?
This is a group that deserves your support. In the face of decades of often overwhelming negative press about Highland Park, this dedicated group of residents has held workshops and tours, published brochures, books and even movies in the pursuit of educating people about preserving their historic homes and neighborhoods. In fact, they offer walking tours every other month. Check it out. You will be amazed by the history and architecture you will see.
You might not know that Highland Park was the first suburb of the City of Los Angeles, formed in the late 1800s. First there were a number of large lovely Victorian-era homes and during the early 1900s the predominant style was the Craftsman bungalow. From the 'Professor's Row' shingle-sided beauties along Sycamore Terrace near where the original Occidental College campus stood, to block after block of a dynamic mix of Spanish-influenced, English or Craftsman-style homes throughout the area between Figueroa and York Blvds, the stock of interesting character-laden homes that still stand is stunning.
HPHT was instrumental in establishing in Highland Park the first HPOZ (Historic Preservaton Overlay Zone) in Los Angeles to include both commercial and residential structures. It's also the largest HPOZ in the City of LA, over 2500 structures are included. If you own a contributing structure to an HPOZ, you have a strong case to qualify for the Mills Act, which can save you big bucks on your property taxes.
But back to HPHT. If you are a supporter of historic preservation or like nice Craftsman homes or are a resident of Los Angeles, or if you are just moved by the pluck and spirit of this dedicated group, go to their website and donate some money. Better yet, join up and become a part of what they do.
Why am I talking so much about preservation and historic architecture? Because a well-designed historic home is worth more preserved than it is 'remodeled.But that's a subject for another blog.