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Fall 2017 Market Update: Homes Between $800k – $900k

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 $800,000 and $900,000 buy you on LA’s Eastside (and beyond)? Read below to find out:

4559 East Rose Hill Dr
2bd, 2ba, 1,018 sq ft with a lower-level guest suite + an unpermitted detached guest house in El Sereno
Asking $599,000 – Sold for $800,000

Built in 1950, this home is a little bit 1920 a little bit 1980 and a whole lotta bidding war. This is a great example of what today’s buyers are looking for – it’s got land, privacy, views, character, and a detached guest house.
What’s the catch? Most buyers right now don’t care whether additional space (or even an entire secondary structure) is permitted or not but for the sake of appraisal a buyer would need to have more cash reserves to put down to cover the difference in the loan amount should it appraise low. El Sereno is also still a little off the beaten path as far as location is concerned, but it’s clearly picking up speed quickly.

1102 Neola St
2bd/2ba, 1,089 sq ft on a 3,071 sq ft lot in Eagle Rock.
Asking $749,000 – Sold for $805,000

This Eagle Rock bungalow was completely remodeled by ModOp design, featuring new oak flooring, a private grassy yard, an impressive master suite, and a detached garage which could be used as an office. This is a great pocket of Eagle Rock with easy access to shopping and restaurants in Highland Park and Pasadena as well.
What’s the catch? Not much square footage on a relatively small lot.

859 East Howard St
2bd/2ba, 1,656 sq ft on a 10,539 sq ft lot in Pasadena
Asking $798,000 – Sold for $825,000

This 1912 Pasadena craftsman features hardwood floors, built-ins, a clawfoot tub, stained glass windows, and all that gorgeous interior woodwork craftsman homes are known for, not to mention it’s on a massive flat private 10,539 sq ft lot.
What’s the catch? It’s only got 2 bedrooms and the Pasadena location may not be ideal for someone needing to be more central

2233 South Budlong Ave
4bd/2ba, 2,090 sq ft on a 6,754 sq ft lot in Adams-Normandie
Asking $899,000 – Sold for $825,000

 

Adams-Normandie is a tiny pocket just South of the 10 between Jefferson and University Park. This strip just south of the 10 running through a few different neighborhoods has streets lined with mature trees and massive Victorian and Craftsman-era homes. Centrally located with no shortage of fixers, this area is primed to become super hot in the coming years. This 1903 home sits on a private lot and features all the great character-details you’d expect from a home of this age.
What’s the catch? This area is still up and coming + someone has unfortunately paved over the entire backyard.

2131 Navarro Ave
4bd, 2.5ba, 2,255 sq ft on .34 acres in Altadena
Asking $849,000 – Sold for $825,000

This property with two vintage character homes on a lot (a Spanish and a classic Cape Cod) features hardwoods, built-ins, a Batchelder fireplace, arched doorways, coved ceilings, French doors, and so much more. These two homes are separated with private gated yards on a quiet street lined with tall pines. What a wonderful opportunity to live in 1 and get rental income from the other!
What’s the catch? Though only 10 minutes further north from Eagle Rock, Altadena is too far removed for some people who need to be more centrally located.

3834 Roxton Ave
3bd, 2ba, 1,525 sq ft on a 5,393 sq ft lot in Leimert Park
Asking $725,000 – Sold for $825,000

It’s no secret Leimert Park is one of my favorite neighborhoods in all of Los Angeles. It’s brimming with well-kept Spanish character homes, close to shopping and transport (not to mention it’s own new Metro station in 2019), and it feels like it’s 15 minutes from everywhere – the beach, downtown, or the Westside. This is a neighborhood with culture and history, with residents who have pride of ownership and work to retain the area’s very special and unique vibe. This particular home on Roxton is a well-rounded representation of the type of homes you can find in Leimert, plus it’s got an awesome work studio garage conversion.
What’s the catch? Leimert used to be a great place to find a hidden gem but the secret is out, expect bidding wars on par with anything on the Eastside.

3419 Ferncroft Rd
2bd, 1ba, 996 sq ft on a 3,635 sq ft lot in Atwater Village
Asking $729,000 – Sold for $832,000

The real estate market in Atwater Village market is obviously as hot as ever. This home is cute, bright, and nicely finished but the major selling point here is it’s easy access to all the hot shops and restaurants in Atwater Village. It’s also a stones throw from Silver Lake and Los Feliz + adjacent to the LA River.
What’s the catch? For a remodeled home in a super walkable location you’ll have to sacrifice some square footage.

5671 Hub St
3bd, 2ba, 1,416 sq ft on a 5,604 sq ft lot in Highland Park
Asking $729,000 – Sold for $845,725

This 1907 craftsman is located within Highland Park’s historic preservation overlay zone. Picture-perfect with it’s little white picket fence and right in the center of the action between York and Figueroa, is it any wonder this one got into an epic bidding war and closed for more than $100,000 over ask?
What’s the catch? Not much of one with this location but the home does need some cosmetic updates, one bathroom isn’t permitted, and much of the backyard has been paved over.

What to expect with an $800,000 – $900,000 budget: This price point is one of the most flexible in Los Angeles right now – you can have a smaller (under 1,000 sq ft) but nicely updated home in a hot area, go for a much larger (over 2,000 sq ft) home in an up-and-coming area, or compromise a little on square footage and location and meet somewhere in the middle.
Though this price point has plenty of options, it also has plenty of competition. It’s not unusual for homes to go $100,000 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 $100,000 – $200,000 under budget to give yourself wiggle room for bidding wars ,closing costs, and unexpected repairs. 

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

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 $700,000 – $800,000 get you in Eastside LA and what kind of process should you expect? Read below to find out.

839 N Avenue 64

839 N. Avenue 64: Be still my little vintage heart! This 888 sq ft Garvanza bungalow had me at hardwoods, arched doorways, casement windows, moulding, farmhouse sink, and clawfoot tub but that was before I went outside to the redwood decking, pergola, converted garage (oh those exposed beam ceilings!), and bonus studio. All this and it even sits right in the middle of historic Garvanza. Sigh. Was asking $585,000 and closed 3 weeks later for $760,000.

1167 montecito dr

1167 Montecito Dr: Who could resist this beautifully landscaped Montecito Heights gem with an enclosed private courtyard area, original hardwoods, fireplace, arched doorways, an updated kitchen, a lovely deck, and a huge yard with a bonus studio, and panoramic views? Buyers pounced on this one –  it got over 30 offers within it’s first week on the market and closed less than a month later. Was asking $625,000 and closed for $792,500.

4465 mont eagle pl

4465 Mont Eagle Pl: The photos don’t do this little English cottage in Eagle Rock justice. In addition to it’s curb appeal it’s got a wonderful light-filled living space centered around vaulted ceilings and a beautiful fireplace, not to mention some of the most epic views in Eagle Rock. Was asking $695,000 and sold for $711,000.

1608 Donaldson St

1608 Donaldson StThis little remodeled 796 sq ft home on a gated 1,996 sq ft lot doesn’t have a garage but it does have some fun tile-work, nice surface updates, and a cute greenhouse/bonus studio but perhaps best of all it’s tucked into a cute woodsy area of Elysian Heights with a downtown skyline view and walkability to numerous neighborhood eateries and coffee shops. Was asking $715,000 and sold for $720,000.

1401 1/2 5th st

1401 1/2 5th St: Transport yourself to a European hillside in this secluded 1,144 sq ft Glendale character home sitting on a long private drive (shared with a few other homes) and featuring dramatic exposed beam ceilings in multiple rooms, hardwood floors, dark wood accents, a fireplace, a loft space, terra cotta tiles, a brick patio, and a super-private lushly landscaped yard. Was asking $629,000 and sold for $718,000.

6301 Meridian

6301 MeridianThis 1924 craftsman in Highland Park’s coveted Garvanza pocket is the perfect fit for someone looking for a home with original character. Hardwoods, a fireplace, casement windows, leaded glass, period light fixtures, wainscoting, and crown moulding are just the tip of the iceberg with this vintage home sitting on a small but nicely-appointed private lot complete with a pergola, kid’s playhouse, and bonus studio space. Was asking $759,000 and closed for $765,000.

2229 Silver Ridge Ave

2229 Silver Ridge AveThis updated 934 sq ft Silver Lake Spanish home may be a little funky (no idea why the fireplace is shoved into a small corner area) but thankfully the flippers did keep the hardwoods, arched windows and doorways, coved ceilings, and some wall panels. Add easy access to the reservoir, Sunset, the 2, the 5, Atwater Village, and the new Whole Foods 365 and this one is a winner. Was asking $799,900 and closed for $795,000.

2823 w avenue 32

2823 W Avenue 32: For homebuyers interested in a bonus guest house for in-laws, friends, or potential air bnb income this character bungalow centrally located in Glassell Park hits all the marks. With 1,040 sq ft in the main house, 400 sq ft in the guest house, and a 200 sq ft office space there’s plenty of room to spread out not to mention restored hardwood floors, built-ins, and super hip gold accents throughout. Was asking $697,000 and sold for $775,000.

1521 Wellesley Dr

1521 Wellesley Dr: This dreamy Adams Hill home has plenty of character, a  great school zone, is centrally located near Glassell Park, Eagle Rock, Highland Park, and Atwater Village and damn if a tree growing through a deck doesn’t get me every time. I picture dinner parties, fairy lights, and maybe even a tree swing. Swoon! Was asking $698,000 and sold for $780,000.

What to expect with a $700,000 – $800,000 budget: As you can see with some of the rather drastic price jumps above, this price point is one of the most competitive right now. But the good news is there is plenty of inventory to choose from with updated character homes in wonderful pockets. For the most part you’re still hovering around 1,000 sq ft but you’re getting better locations and much better finishes than the price points below. If you want more square footage you can have it but you’ll need to make some concessions with finishes and location, depending on what’s important to you. 

Again, it’s good practice to set your search about $100,000 or more 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 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!