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

September 19, 2017

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.

 

 

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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