Northeast neighborhoods – such as Glassell Park, Highland Park and Mount Washington – were among the most active when it came to home sales in December, according to DataQuick and the L.A. Times. Agent Brock Harris of Brock Real Estate said the strong sales in the 90042 and 90065 Zip Codes reflect in part the flight of first-time buyers who have been priced out of more expensive portions of the Eastside. “With the maximum loan amount pretty much fixed at $417,000, first-time buyers (who comprise HALF of statewide sales activity), finding themselves priced out of Eagle Rock, Silver Lake, and even Echo Park, are casting an eye to Highland Park and its surrounding communities,” Harris said in an email.
“Sellers in those areas, who price well and take care of their homes, are surprised to get ten to twenty offers -a third of them, typically, all-cash,” Harris said. “And banks aren’t afraid to list way under market, knowing the price will get bid up. It’s an exciting but frustrating
environment for buyers.”