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Fall 2017 Market Update: Homes Between $600k – $700k

In this series we’re taking a look at homes sold at various price points in the second half of 2017. Inventory remains low and bidding wars the norm so we’ll be focusing on selling price rather than asking price. What will a budget between $600,000 and $700,000 buy you on LA’s Eastside (and beyond)? Read below to find out:

4129 South Bronson Ave

4129 South Bronson Ave
2bd, 1ba, 1,468 sq ft in Leimert Park
Was asking $640,000 and sold for $665,000

This dreamy Leimert Park spanish home has vintage details throughout: original hardwood floors, arched doorways, 12-foot ceilings, a tiled fireplace, wrought iron details, and a spectacular picture window. It even has it’s original art deco tiled bathroom with a separate tub and shower (my heart be still)! All this plus easy accessibility to Liemert Park Village, Baldwin Hills Crenshaw Plaza, and the brand new Crenshaw netro line.
What’s the catch: Not much of one with this place, other than a somewhat small backyard. This home wins best mix of location, character, and size for this price point by a mile.

2687 Carleton Ave

2687 Carleton Ave
2bd, 2ba main house + 1bd/1ba guest house, 1,232 sq ft in Cypress Park
Asking $669,000 and sold for $700,000

This adorable remodeled 1915 farmhouse in up-and-coming Cypress Park has what every buyer right now is looking for – a garage converted into a bonus living space complete with a kitchen, bedroom, and bathroom.
What’s the catch? The garage conversion likely isn’t permitted and all that concrete around the backyard and sides of the home lends a bit of a cold feel to an otherwise warm vintage vibe.

553 Neva Pl

553 Neva Pl
2bd, 1ba, 952 sq ft in Highland Park
Asking $599,500 and sold for $695,000

This great little 1926 character bungalow has gleaming original hardwoods, woodwork, and vintage details to spare plus spectacular views. Located in a great corner of Highland Park close to the action on both Fig and York.
What’s the catch? Small rooms and not much square footage, some deferred maintenance, and a terraced backyard. Still a gem though!

719 Sierra Bonita Ave

719 Sierra Bonita Ave
2bd, 1ba, 1,113 sq ft in Pasadena
Was asking $595,000 and closed for $670,000

This 1924 bungalow is in a great pocket of Pasadena. Featuring a Batchelder fireplace, hardwood floors, original casement windows, and French doors opening from the master to a lovely brick patio.
What’s the catch? This home is on a small lot with a very small patio as a backyard, but depending on the level of maintenance you prefer and outdoor space you need this could also be seen as a bonus.

154 Mendocino St

154 Mendocino St
2bd, 2ba, 976 sq ft in Altadena
Was asking $619,000 and sold for $660,000

This lovely Altadena bungalow sits on a lush private lot, gets great sunlight, and has nicely sized bedrooms with a private master bath. Bonus points for being a couple of blocks away from beloved neighborhood eatery Lincoln!
What’s the catch? Altadena is still considered too tucked in for some buyers, but some may see that as a bonus.

What to expect with a $600,000 – $700,000 budget: This price point is the entry level for many first-time homebuyers making it one of the most competitive in Los Angeles. Most homes will be hovering just above or below 1,000 sq ft and will likely need a little work. It looks like bidding wars in areas like Pasadena and Altadena have picked up but not quite to the frenzied level of the Eastside (yet).
It’s not unusual for homes to go $50,000 or more over their asking price. Depending on the level of finishes and what neighborhood you’d like to be in, it’s safe to shop about $50,000 – $100,000 under budget to give yourself wiggle room for bidding wars ,closing costs, and unexpected repairs. 

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Fall 2017 Market Update: Homes Between $700k – $800k

In this series we’re taking a look at homes sold at various price points in the second half of 2017. Inventory remains low and bidding wars the norm so we’ll be focusing on selling price rather than asking price. What will a budget between $700,000 and $800,000 buy you on LA’s Eastside (and beyond)? Read below to find out:

669 Romulo St

669 Romulo St
2bd, 1ba, 963 sq ft on a 4,945 sq ft lot in Cypress Park
Asking $599,000 – Sold for $760,000

Let’s start by saying the photos for this home truly don’t do it justice. The minute I set foot into this magical place I knew it would be setting a sales record for Cypress Park. Small in size but big in character and warmth – the inside of this home looked like an Anthropologie catalog. Yes some of that was the staging but more than anything it was the wood floors, the Spanish fireplace, the vintage tiled bathroom with it’s separate tub and shower, and the sun beaming through the oversized picture window. Sigh.
What’s the catch? This is still an up-and-coming area but slated to be one of the hottest real estate markets in LA in the coming year. The backyard was terraced and not as useable as a flat backyard. And as a buyer you’d have to wrap your head around knowing you’re paying more than anyone ever has in this pocket.

1100 Montecito Dr

1100 Montecito Dr
2bd, 1ba, 1,071 sq ft on a 7,004 sq ft lot in Montecito Heights
Asking $639,000 – Sold for $705,000

This iconic mid-century is one of the original 39 homes in Montecito Heights and one of only 23 remaining. A home on stilts isn’t for the faint of heart but this type of architecture is quintessential LA.
What’s the catch? The only useable outdoor space is decks protruding from the home + a small flat paved patio on the side.

4416 Maycrest Ave
3bd, 2ba, 1,702 sq ft on a 7,504 sq ft lot in El Sereno
Asking $747,000 – Closed for $785,000

Wow El Sereno is bringing some serious A-game with this renovated 1917 Craftsman. That original built-in conversation nook with the fireplace? The leaded glass? The tiled bathrooms? The original thin slat hardwoods? The built ins? The casement windows? The coffered ceilings? Seriously GTF out. of. here.
What’s the catch? You’ll get 90s nightclub vibes every time you shower unless you can figure out how to turn off those oddly-placed glowing blue LED lights coming from the shower head.

3160 Verdugo Pl
2bd, 1ba, 820 sq ft on a 7,160 sq ft lot in Glassell Park
Asking $675,000 – Sold for $757,500

It’s worth noting that this same property in the same condition sold in January 2016 for $610,000. A $150,000 appreciation in less than 2 years with no change in finishes is pretty epic and is a great indication of the direction this pocket is going. This home has a shared driveway or a million steps up from the street but once you’re up there are spectacular views from every room indoors and out.
What’s the catch? All of the yard is what you see in front and on the side – maybe room to garden but not much more but this is pretty typical of a hillside home with incredible views.

3901 2nd Ave
3bd, 4ba, 1,801 sq ft on a 6,500 sq ft lot in Leimert Park
Asking $749,777 – Sold for $780,000

This large 1934 Spanish home in Leimert Park has been remodeled inside and out with refinished hardwoods (the cool old-school thin slatted kind you never see anymore), a fireplace, French doors, vaulted ceilings, and a nice new deck. They seem to have lost their way on the sparse landscaping but all is forgiven for the bold color choice and Spanish tiles in front.
What’s the catch? You’re going to have to figure out something better for that dirt front yard.

2623 Kent St

2623 Kent St
3bd, 2ba, 1,182 sq ft on a 2,124 sq ft lot in Silver Lake
Asking $649,000 – Sold for $790,000

Clearly someone struck gold with a sale on granite tiles and went to town in that kitchen. And it should be noted that on assessor’s records this home is only 672 sq ft, meaning they probably converted the attic to a second floor without permits. Overwhelming granite and unpermitted space aside, this is great square footage and charm for this price in a walkable part of Silver Lake.
What’s the catch? The only outdoor space is a small patio in the back, but hey that’s just less you need to worry about maintaining.

What to expect with a $700,000 – $800,000 budget: This price point is one of the most competitive in Los Angeles, with almost every home on the market going well above asking price so shopping around $100,000 under your max budget is a safe bet for bidding war and closing cost wiggle room. Much like the surrounding price points you can get a more finished home or more square footage by going further into the outlying areas. This budget should get you around 600 – 1,000 sq ft of remodeled home or 800 – 1,200 sq ft of cosmetic fixer in trendy pockets of the Eastside like Highland Park and 1,500 – 2,000 sq ft remodeled home or 1,800 – 2,200 sq ft of cosmetic fixer in up-and-coming areas like El Sereno. 

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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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All Northeast LA Homes For Sale

Search the most up-to-date Northeast Los Angeles homes and condos for sale with local info on accessibility, schools, shopping, restaurants and more. Results updated in real time directly from the MLS.

To view multi-unit properties and duplexes for sale in NELA please click here.

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©2017 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of December 16, 2017 11:10 AM PT The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.