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

November 06, 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 $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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