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Summer 2017 Market Update: Homes Between $500k – $600k

In this series we’re taking a look at homes sold at various price points around LA’s Eastside in the first half of 2017. Since homes in today’s market rarely sell at their asking price, we’ll be focusing instead on selling price. What will a budget between $500,000 – $600,000 get you in Eastside LA and what kind of process should you expect? Read below to find out.

1747 N New Hampshire Ave

1747 N New Hampshire Ave: Another one for the tiny house lovers! This 480 sq ft Los Feliz home on a 1,912 sq ft lot is super small any way you cut it but who cares because it’s basically the most adorable house ever and just happens to be in one of the best hoods in all of LA. Seriously I don’t know what this person did to steal this house away at this price (I see by their quick close they likely paid cash, that’s a start) but BRA-VO. Was asking $539,000 and sold for $592,000.

219 E. Avenue 32

219 E. Avenue 32: This 740 sq ft 1910 bungalow has been tastefully updated with refinished hardwood floors and a pinterest-worthy clawfoot tub. It’s small but picture perfect and – what’s that I see – not one but TWO bathrooms?! Stop the presses. This Lincoln Heights darling is on a private street a stones throw from the Metro gold line, Highland Park, and Mt. Washington with easy access downtown via the 110. Was asking $499,000 and sold for $595,000.

4035 Verdugo Rd

4035 Verdugo Rd: This 1940s Glassell Park traditional is tucked right on the edge of Highland Park, Eagle Rock, and Glendale meaning easy access to all the shopping, food, and nightlife your little heart desires. It’s on a busy street but it makes up for it with 1,108 sq ft of interior space, arched doorways, a fireplace, hardwood floors, large bedrooms, and a huge detached 2-car garage with a bathroom that would make a great bonus studio space or mother-in-law apartment. Was asking $599,000 and sold for $586,100.

5036 Lathrop St

5036 Lathrop St: This remodeled 1920s El Sereno home features fancy new modern finishes, fancy new bamboo floors and a fancy new roof sitting on a massive ultra-private enclosed 6,629 sq ft lot with a fancy new deck overlooking the Montecito Hillside. The downside? It’s only 680 sq ft. But with all that fanciness who cares about the size? Was asking $499,000 and sold for $570,000.

5927 Piedmont Ave

5927 Piedmont Ave: This historic 1910 Highland Park craftsman sold as a probate went to a cash buyer so I’m hoping to see it pop back up as a super cute flip in the next year. It was filthy and in dire need of updates and repairs but what a sparking diamond in the rough with all those built-ins and original wood finishes, not to mention the awesome proximity to the Metro gold line Highland Park station and all the great shops and restaurants on Fig. Was asking $429,000 and sold for $555,000.

4339 Latona Ave

4339 Latona Ave: This 1958 Montecito Heights home looks small at only 756 sq ft but it’s big on Mid-Century vibes. Exposed wood vaulted ceilings, knotty pine kitchen cabinets, a clawfoot tub, a huge backyard, and even a private professional recording studio in the converted garage give you unlimited possibilities. Close to Highland Park and Mt. Washington with easy access to the 110. Was asking $499,000 and sold for $591,000.

7256 N. Figueroa

7256 N. Figueroa: It’s good to know buyers wanting lots of square footage and a hip neighborhood still have options under $600k. Sure this 1,348 sq ft home sits on one of the busiest streets in Los Angeles and has a bus stop literally 24″ away from it, and sure the layout is a little funky with the triangular lot and long narrow living room. But this Eagle Rock location right on the edge of both Highland Park and Pasadena might make it worth it for the right buyer. Was asking $589,000 and sold for $570,000.

1504 Mohawk St

1504 Mohawk St: There’s really not much to this little 780 sq ft Echo Park bungalow on a 1,966 sq ft lot. It has distant views of the Hollywood sign but no garage. It’s been recently remodeled but looks dated and could use a refresh to make it pop. A home at this price point in this pocket is hard to find these days so for a buyer wanting to be in this Silver Lake/Echo Park location, this would be a good deal. Was asking $599,000 and sold for $581,000.

What to expect with a $500,000 – $600,000 budget: This can be a challenging price point but as you can see, finding something great is totally possible as long as you’re patient in your search, aggressive in your offer, and willing to sacrifice some square footage. Most homes in this range are still small, but you’ll find them in better pockets and with better finishes than the ones at the $500,000 and under level.

This is a competitive price point with multiple offers being the norm so it’s good practice to set your search about $100,000 under budget, leaving some wiggle room for a potential bidding war, closing costs, and any unexpected repairs you may encounter. Ready to start looking? Click below to see what’s on the market now and click here –> to contact me today!

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Summer 2017 Market Update: Homes Under $500k

In this series we’re taking a look at homes sold at various price points around LA’s Eastside in the first half of 2017. Since homes in today’s market rarely sell at their asking price, we’ll be focusing instead on selling price. What will $500,000 get you in Eastside LA and what kind of process should you expect? Read below to find out.

5606 Bushnell Way: This little vintage bungalow is in the Highland Park-adjacent neighborhood of Hermon, also bordered by South Pasadena and Monterey Hills. It could use some updates but with 1,152 sq ft of living space, hardwoods, built-ins, and a small but private backyard it’s a steal at this price. Was asking $525,000 and closed for $480,000.

1086 W. Edgeware Rd: Calling all you tiny home enthusiasts out there! This adorable updated 408 sq ft 1bd, 1ba Spanish Home sits in historic Angelino Heights with easy access to Echo Park Lake, Sunset Blvd, and the 101. The 1,779 sq ft lot is well-situated and feels much larger than it is, plus this home has a deck and a bonus finished basement storage space. Was asking $499,900 and sold for $480,000.

3867 Rosemead Ave: This 832 sq ft mid-century on a massive 9,600 sq ft lot in El Sereno could use some floorplan and surface updates but still has tons of potential. Not to mention Mid-Century homes are still all the rage. Was asking $439,900 and sold for $470,000. Maybe we’ll see it come back on this fall as a flip?

5055 Hub St: Admittedly not the cutest Highland Park house (seriously could they have at least put the shovels away before taking the photos?) and it’s only 650 sq ft but it is relatively updated and in walking distance to all the great stuff on York Blvd. Was originally listed at an ambitious $549,000 and sold for $490,000.

3202 Drew St: This tiny Spanish home sits on a private gated corner lot on the edge of Glassell Park with easy access to Highland Park, Silver Lake, and Atwater Village. The home would be so much better with some simple updates but overall it isn’t bad and having a completely gated property is wonderful. It does sit in a pocket heavy with rentals and multi-family homes and it has a neighborhood mural painted on one side of the exterior fence dedicated to someone who was once murdered on the block. Ouch! Was asking $449,000 and sold for $445,000.

Investors and buyers with plenty of cash resources got some great deals in the first half of this year as well;

  • This 804 sq ft Garvanza gem had tons of potential but needed some updates and heavy reinforcement to the brick foundation, selling under asking price at $500,000
  • This tiny 400 sq ft Echo Park home was sold for land value, closing at it’s asking price of $450,000
  • This home in Montecito Heights had incredible views but was sloping down a steep hill, needing major foundation reinforcement. It sold over asking price, closing for $470,100
  • This Eagle Rock home fronts to a busy street and was being sold for land value only – still it went way over it’s $398,000 asking price, going to a cash buyer for $465,000.

What to expect with a $500,000 budget: This is the hardest price point due to lack of inventory and fierce competition with cash investors and flippers. Many fixers won’t qualify for financing due to their condition so expect to see sellers requesting cash offers and properties listed “as is” with no repairs or credits granted.  At this price a remodeled single family home in a hot hood will likely be around 500 sq ft and a home needing work in a more off-the-radar area will be around 1,000 sq ft. Many homes will have less-than-ideal situations such as highway noise, small lots, or apartment buildings next door.

If you’re an Eastside buyer with a loan and a budget of $500,000 or less you should consider exploring some outlying areas or expand your search to include condos and townhouses. Finding a home for $500,000 or less on the Eastside can be done but it will take time, patience, and an open mind. Contact me today, I’d love to help!

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UPDATE: SOLD Silver Lake Mid-Century Treehouse with Views!

1482 Angelus Ave, Silver Lake

Tucked into a quiet and coveted Silver Lake enclave, this 60s mid-century modern has been remodeled and reimagined with an architect’s touch. Enter from street level into the bright and airy top floor – an entertainers dream with walls of glass sliders opening to a large deck offering stunning city & sunset views. Rich walnut floors lead through the open-concept living and dining areas into a sprawling kitchen with Heath backsplash & custom cabinetry.

Downstairs is a tranquil sanctuary showcasing salvaged giant Sequoia ceilings enveloped by lush trees through walls of glass which allow access to the large downstairs deck & terraced side yards from every room. This home features two master suites – one up & one down each with en suite bath – along with two additional rooms with sliding walls that offer a flexible use of space. Central HVAC, large carport and ample closet & storage space. Close to the Reservoir, Sunset Junction & all that makes Silver Lake one of the best neighborhoods in LA.

1482 Angelus Ave, asking $1,599,000

OPEN HOUSE:
Sunday May 7 2pm – 5pm
Tuesday May 9 11am – 2pm
Join us for a special twilight open house Tuesday May 9 from 7pm – 8pm

1482 Angelus Ave Floorplan
1482 Angelus Floorplan, Click to Enlarge
1482 Angelus Walk Map
1482 Angelus stair street map, click to enlarge
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SOLD: 1406 E. Mountain St in Glendale

Congratulations to Glendale’s newest homeowners Nate, Perrine, Julia, Elsa, and Charlotte!

Nate & Perrine’s Wishlist:

  • Glendale. Specifically Rossmoyne. Specifically the Rossmoyne Historic District and more specifically something walkable to Nibley Park.
  • A character home: Ideally a Spanish-style home, but definitely something with hardwood floors and character accents like wood moulding and coved ceilings.
  • 3 bedrooms: 2 bedrooms and a bonus room were a consideration, but with twins having 3 or more bedrooms would be ideal
  • Something needing a little work is ok. No major fixers but a home needing some kitchen/bath updates or some “weekend project” level updates is ok

Our first hurdle was timing; we started looking in the fall when inventory in Glendale was pretty low followed by the notoriously quiet holidays. Glendale has great schools and subsequently plenty of families with kids who aren’t looking to make any big moves after the school year begins. Thankfully Nate & Perrine were understanding and patient from the start, knowing that this search might take a minute and willing to wait if needed.

Finding a character home in Glendale is no problem. Especially Rossmoyne, which is almost exclusively gorgeous old Spanish style homes. The problem wasn’t finding a character home – it was finding one that was for sale then finding one for sale under 1 million. Families (rightfully) hold on to these homes for many generations, so as you can imagine when one hits the market it’s usually snatched up for a high price at lightning speed, often to a cash buyer with few to no contingencies.

This one was a challenge and I couldn’t be more grateful for Nate & Perrine’s patience and understanding as we consistently found ourselves outbid by cash buyers. They were putting in generous offers on homes that were technically too small for them but they were so desperate to get into something they wanted to give it a shot – and even then getting outbid by cash buyers.

The day 1406 E. Mountain St came on the market we all saw the listing and frantically texted eachother at the same time. I think this could be the one! It was perfect – it’s big with lots of character, it needed work but not too much work, and it’s walkable to Nibley Park. I went to every open house to make sure the listing agent knew us and would recognize Nate & Perrine’s names when they came attached to the offer. I texted him obsessively checking in daily (sorry about that Albert!). They wrote a love letter to the seller, offered significantly over asking, and were outbid by a cash buyer. Again.

But this story has a happy ending, because as you can see in the photo above there they are standing in front of their beautiful Rossmoyne Historic District home! Their offer didn’t initially get accepted but it did get them into backup position #1. I’ve said it before and I’ll say it again – 1/3 of homes fell out of escrow in the past year in Los Angeles. BACKUP POSITION IS AN AWESOME PLACE TO BE.  Turns out the original cash buyer never sent their deposit and the escrow rolled over to Nate & Perrine just a few days later. That was the best phone call I’ve made this year – I love a happy ending. Congrats again Nate, Perrine, Julia, Elsa, and Charlotte!