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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.