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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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Character Starter Homes Under $700k Abound!

2109 Loma Vista Pl, $532,000

Listing info & photos provided courtesy of Judith Oroshnik and Dean Decent, Berkshire Hathaway

6178 Springvale Dr, $649,000

Listing info & photos provided courtesy of Robert Alan Hanson, Keller Williams Larchmont

5639 Ash St, $569,000

Listing info & photos provided courtesy of Diane McDonald, Keller Williams Los Feliz.

2324 Ridgeview Ave, $675,000

Listing info & photos provided courtesy of Gretchen Palmer, Podley Properties


Not in love with anything above? Fret not, there are even more wonderful homes on the market under $700k right now. E-mail me and I’d love to set up a private showing for any of the homes above or chat with you about what else is out there.

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So Many New Homes, So Little Time!

I recently had a little whine-fest about the lack of inventory right now in Los Angeles but I would like to officially take it all back because there are so many homes I’m crushing on this week I don’t even know what to do with myself. Oh where to begin . . .

1209 South 9th St, Alhambra

This home is located in Alhambra, which while plenty cute and relatively central to Pasadena and downtown, is and area pretty off the radar for a lot of buyers right now. You could put this home anywhere and I would live there. All those massive trees, that original Spanish charm left perfectly intact, those arched doorways, those tiles (especially the ones hugging that stove), THAT POOL, and even that pool house. Sign me up! Actually for $749,000 you can sign yourself up. 3bd, 1.5ba, and 1,770 glorious sq ft. Call me if you’d like to see it before it’s gone.

Listing & photos courtesy of Robin Stever, Coldwell Banker

1900 Boca Ave, El Sereno

Someone took this precious little El Sereno Craftsman and pumped it full of steroids with a massive architect-designed modern master suite addition overlooking downtown Los Angeles. This isn’t something I’m usually a fan of but in this case (and at this $525,000 price point!) it worked. 2bd, 1.75ba, 1,492 sq ft of steel, sunshine and happiness. Call me and let’s go see it in person!

Listing and photos provided courtesy of Sylva Khayalian.

1836 North Avenue 52, Highland Park

I love this home for a lot of obvious reasons – it’s in Highland Park and super accessible to shops/restaurants, etc. It’s got a lot of light and charm combined with some nice updates. It’s got kind of small bedrooms but makes up for it with not 1 but 2 big living spaces. But more than anything, this home has a park for a backyard. Not a public park mind you, just your very own epic 10,000 square foot private backyard. What would you do with all that space? Collect rescue puppies? Build 14 pools? Invite everyone you’ve ever met in your entire life over for a BBQ? Choose your own adventure, my friend! 2bd, 1.75ba, 1,110 sq ft, asking $625,000.

Listing and photos provided courtesy of Deirdre Salomone, Keller Williams Realty Los Feliz

262 South Berkeley Ave, Pasadena

This home doesn’t have one thing I love about it, it has a million. It’s just a really well rounded light bright breezy California home with everything you’d ever want. The living room has barrel ceilings, 2 bedrooms on the main floor are equally sized and sunny, the bathroom has some great deco tilework and a window perfectly framed by palms, and best of all the entire second floor has been turned into an impressive master suite with 2 large closet areas, it’s own bathroom, it’s own office, and of course French doors leading out to a huge deck spanning the length of the home with impressive views of the San Gabriel Mountains. And don’t even get me started on how lovely this pocket of Pasadena is with it’s tree-lined streets and character homes. 3bd, 2ba, 1,760 sq ft asking $938,888 – call me to see it in person.

Listing and photos provided courtesy of Patrick Crane, L.A. Property Solutions, Inc.